SAG-AFTRA ACTOR: Music Industry Monopoly Feared

Coldplay is among the bands Universal Music Group will lose under a European Union ruling allowing its acquisition of EMI's music division to proceed.?(Alik Keplicz / AP)

By Randy Lewis Regulators in the U.S. and?Europe?on Friday approved Universal Music Group?s $1.9 billion acquisition of the music division of?EMI Group Ltd., giving the Los Angeles-based music company control of the Beatles music catalogue and the iconic Abbey Road studios in London, but forcing it to divest interest in the music of?Coldplay.

The merger will create an even larger global music conglomerate and put the vast majority of commercially released music into the hands of three international giants.

In the U.S., the Federal Trade Commission approved the deal without condition. But Universal is required by EU officials?to sell off many EMI assets to help keep the new entity from obliterating smaller independent companies.

Nevertheless, UMG officials hailed their double victory, which ?will allow us, I hope, to do our bit to return the industry to growth,? Universal Music Group Chairman and CEO Lucian Grainge told The Times on Friday. ?It will enable us to continue to invest in more music, to create investment opportunities for the entire Universal group, it will give us the opportunity to work with entrepreneurs in different genres and it will give us a cushion through this crucial crossover period as we hurtle?toward a primarily digital business.?

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Source: http://www.sagactoronline.com/2012/09/music-industry-monopoly-feared.html

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