Sony set to win EU approval for EMI deal - FT
A SONY-led group is set to win approval from European antitrust regulators for its $2.2bn purchase of EMI’s music publishing business, the Financial Times said, citing people involved in the negotiations.
Clearance from the EU Commission, the executive body which acts as the competition regulator for the 27-country European Union, would help Sony avoid the possibility of a longer review of the deal’s antitrust implications, the newspaper said.
Sony had earlier offered concessions to the EU in a bid to gain approval for the planned acquisition that would see it become the biggest player in the sector.
Sony will sell EMI Music Publishing catalogues that generate about €25m ($33m) in annual revenue from songwriters such as Ozzy Osbourne, Culture Club and Tears for Fears, the Financial Times said.
A commission spokesperson declined to comment to the Financial Times.
A European Commission press officer had no immediate comment when contacted by Reuters.