Friday 27 July 2012, 16:39 | By CMU Editorial
Universal submits proposals for remedies to EMI bid to EU regulators
Universal has submitted its package of proposed divestments to European regulators, which it is hopes will help win approval for its bid to buy the EMI record company.
In a statement this afternoon, the company said: “Universal Music Group has submitted a package of remedies to the European Commission relating to its proposed acquisition of EMI Recorded Music. We believe the package fully addresses the Commission’s concerns and follows our constructive discussions with regulators, independent labels and competitors. We look forward to working further with the Commission and are confident of receiving clearance”.
As previously reported, The Commission will now take five days to share those plans with other stakeholders who have inputted into its investigation to date. The Commission is due to rule on the merger by no later than 6 Sep, though Reuters says that as soon as Universal formally submits a concessions package that deadline will actually be pushed back fifteen days.
It has been rumoured that one of the remedies in the document could see Universal commit to sell of the Parlophone catalogue, possibly to BMG. Parlophone counts Coldplay, Pet Shop Boys and Kylie amongst its vast roster, as well as, technically, The Beatles recordings, though those would almost be certainly excluded from any deal to sell the EMI division.