Several months ago, Sony revealed its intentions to purchase Mudabala’s 60% equity in EMI for US$2.3 billion. Then, the company revealed it had acquired for remaining 10% stake from the Michael Jackson Estate for US$287.5 million. The Japanese conglomerate had previously owned around a 30% stake.
The Independent Music Companies Association (IMPALA) filed two complaints, stating the acquisition would harm the independent digital music scene. It later stated that the combined company would harm consumer choice.
The British Academy of Songwriters, Composers, and Authors (BASCA) claimed the acquisition would form a “Superpower” and that Sony + EMI would intimidate creators’ voices and erode the autonomy of collective rights management.
However, the European Commission announced on Friday, October 26, that Sony’s acquisition doesn’t raise anti-competitive concerns. The Commission cleared the transaction without any conditions.
Full Content: Reuters