Regulators Tell Universal To Sell 25% Of Emi Before Deal Is Approved
On Friday, The European Commission apparently told Universal Music during a meeting that it will have to sell the global rights for EMI's Parlophone record label, . This will include, among others, the rights to the music of David Bowie, Kylie Minogue and Coldplay.
The divestiture reports mean that UMG must sell a full 25% of EMI.
European Union and U.S. regulators are close to making a decision regarding Universal's attempt to buy EMI's recorded music division. EU commissioners have until September 27th to issue a public ruling. The US, Federal Trade Commission should announce their ruling during the week of September 24th.
Parlophone is currently estimated to be worth about $500 million.