Well folks, it looks like Universal Music Group and EMI have officially merged. The U.S. and European regulatory bodies overseeing the deal approved the $1.9 billion purchase of EMI. But on the European side of the merger, there were some stipulations. For one, Universal had to divest (or reduce) about a third of EMI’s assets, including European giant Parlophone and a number of indie labels. Additionally, Universal agreed to sell some of its own assets.
Here’s what a member of the European Union’s commission said about approving the deal:
“Competition in the music business is crucial to preserve choice, cultural diversity and innovation. In this investigation, we have paid close attention to digital innovation, which is changing the way that people listen to music. The very significant commitments proposed by Universal will ensure that competition in the music industry is preserved and that European consumers continue to enjoy all its benefits.”
So…yeah. We’ll have to wait and see what kind of impact this will have on the music world at large. [via]