Independent music companies have raised concerns about a plan by Sony Corp. and Bertelsmann music venture BMG to bid for former EMI label Parlophone, arguing an acquisition would give the music giants, particularly Sony, too much market power.
Vivendi’s Universal Music Group acquired EMI’s recorded music business late last year and had to promise European regulators to divest parts of it for market share and competition reasons.
But Mumford & Sons label Glassnote Music is among those that are already warning regulators that a Parlophone sale to Sony and BMG would hurt independent labels and artists. Parlophone, the home of such stars as Coldplay and Kylie Minogue, is seen as the crown jewel of the assets that Universal is selling in an auction process expected to take several months.
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