According to a report by Reuters, independent music labels group Impala has called on EU antitrust regulators to block Sony’s bid to become the world’s largest music publisher with its US$2.3 billion offer for control of EMI, claiming the combination would have too much market power.
Sony announced the deal in May, the boldest strategy move by its new CEO Kenichiro Yoshida, which would give it rights to 2.1 million songs from artists such as Drake, Sam Smith, Pharrell Williams, and Sia.
The Japanese conglomerate, which currently owns a 30% stake in EMI, wants to buy Mubalada Investment’s 60% stake. Last month, it acquired the estate of Michael Jackson’s minority share of EMI.
Sony’s control of EMI would give it the power to do what it wants, said Helen Smith, Impala’s executive chair. “The market needs big operators, but not when they are allowed to acquire so much power that they start to strangle it and squeeze out the independents who are the ones taking the risks,” she said, adding that 80% of new releases come from independent labels.
Full Content: Thomson Reuters Foundation
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Federal Judge Orders Google to Open Android App Store Amid Antitrust Pressure
Oct 7, 2024 by
CPI
Federal Judge Greenlights FTC’s Antitrust Lawsuit Against Amazon, Tosses Some State Claims
Oct 7, 2024 by
CPI
Supreme Court Rejects Uber and Lyft’s Appeal in California Gig Worker Suits
Oct 7, 2024 by
CPI
Supreme Court Sidesteps 5-Hour Energy Pricing Case, Allowing Antitrust Claims to Proceed
Oct 7, 2024 by
CPI
Tempur Sealy and Mattress Firm Argue FTC Proceedings Are Unconstitutional in New Suit
Oct 7, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Refusal to Deal
Sep 27, 2024 by
CPI
Antitrust’s Refusal-to-Deal Doctrine: The Emperor Has No Clothes
Sep 27, 2024 by
Erik Hovenkamp
Why All Antitrust Claims are Refusal to Deal Claims and What that Means for Policy
Sep 27, 2024 by
Ramsi Woodcock
The Aspen Misadventure
Sep 27, 2024 by
Roger Blair & Holly P. Stidham
Refusal to Deal in Antitrust Law: Evolving Jurisprudence and Business Justifications in the Align Technology Case
Sep 27, 2024 by
Timothy Hsieh