A PYMNTS Company

EU: gives full approval to Sony’s bid

By  |  August 1, 2016

EU antitrust regulators on Monday cleared Sony Corp’s bid to buy out Michael Jackson’s stake in the world’s largest music publishing joint venture with copyrights to artists such as the Beatles and Taylor Swift.

The European Commission said deal will not hurt competition in the recorded music and music publishing industries.

“The transaction will not materially increase Sony’s market power vis-a-vis digital music providers compared to the situation prior to the merger,” the EC said in a statement.

Sony’s rival, Warner Music Group, and independent labels had asked the EC to take a tough line with the deal because they fear it will give Sony too much power.

Full Content: Reuters

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