As Universal Music Group’s acquisition of EMI Music’s recorded music division today received approval from both European and U.S. regulators, details have emerged about the exact steps Universal must take to win European Commission support. The Commission released a memorandum that answers many of the questions regarding the divestures of EMI assets and the basis for the Commission’s actions. As Billboard.biz has reported, the U.S. Federal Trade Commission approved the merger without any additional concessions.
Here is an FAQ with information from the Commission’s document, the FTC’s approval documents with additional information that covers the what, when, where and why of the divestitures Universal must make:
Universal Music-EMI Deal Approved by European Union
Universal Music’s Acquisition of EMI Approved by Federal Trade Commission
Q: When will Universal take control of EMI?
September 28, according to an email to EMI staff from CEO Roger Faxon (assuming the deal is approved in the U.S. by the Federal Trade Commission).
Q: What EMI labels must Universal sell?
Universal must sell Parlophone, Chrysalis, Mute and a long list of local labels listed below. The Parlophone sale is part of the divestment of EMI Recordings Limited.
Q: What artists are on the labels being sold?
Parlophone is home to Coldplay, David Guetta, Lilly Allen, Blur, Tinie Tempah, Pink Floyd, David Bowie, Tina Turner, Duran Duran, Cliff Richard, Kylie Minogue and Lilly Allen. EMI France has David Guetta’s catalog.
Q: What else must Universal sell?
Universal must also sell Co-Op Music http://www.cooperativemusic.com/, a transnational marketing and distribution business that licenses independent labels, and EMI’s 50% stake in the “Now That’s What I Call Music” compilation joint venture and continue licensing its repertoire for the compilation series for the next ten years.
Q: Will Universal need to sell its rights to the Beatles?
No, Universal will have the rights to the Beatles’ catalog, as did EMI.
Continue reading the rest of the story on Billboard