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EU gives thumbs up to Sony's $2.2 billion takeover of EMI

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Reuters

(Read caption) Sony Corporation of America's acquisition of EMI Music Publishing was reportedly approved by the European Union this week.

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The European Union has given its blessing to a consortium led by Sony of America, which will acquire part of EMI Music in a $2.2 billion deal, effectively creating what The New York Times calls "the largest catalog of songs in the world." The consortium, known as Sony/ATV, is a joint venture between Sony and a range of investors, including music mogul David Geffen; the Michael Jackson estate; and Mubadala Development, a firm based in Abu Dhabi

The seal of approval from the EU comes with several caveats, Fox News is reporting. Among them: Sony/ATV must sell the rights to a handful of publishing catalogues, which would have given Sony/ATV an unfair boost in the European market.  

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