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EU backs Universal's BMG takeover

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bertelsmann.jpgUniversal Music's takeover of BMG Music Publishing has been given the go-ahead by European Union regulators.

 

But Brussels warned that its "serious doubts" about the deal's effect on online music was only tempered by the firms' plans to sell some song rights. The 1.63bn euro ($2.1bn; £1.1bn) deal will create the world's largest music publishing company. BMG Music Publishing owns rights to songs by artists such as Coldplay, Robbie Williams and Justin Timberlake.

 

It is being sold by German owner Bertelsmann to clear debts. Universal Music's owner, French media group Vivendi has described the deal as "a unique opportunity to grow our music publishing business".

 

Read the full article here

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