The European Union has approved the Sony-led acquisition of EMI Music. But there are strings attached.
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.