Sony will know by October 26 whether EU antitrust regulators will wave through its US$2.3 billion offer for control of EMI to become the world’s largest music publisher, according to a filing on the European Commission website on Monday, September 24.
The proposed acquisition is the boldest strategy move by Sony’s 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.
EU antitrust enforcers can clear the deal with or without concessions, or open a four-month investigation if they have serious concerns.
“This transaction would disrupt competition and harm consumers in an already overly concentrated music market. Given recent precedents set by the European Commission, we believe Sony’s takeover will face stiff opposition,” said Helen Smith, independent music association Impala’s executive chair.
Sony, which announced the deal in May said it would pay about US$2.3 billion to gain control of EMI to become the world’s largest music publisher in an industry that has found new life on the back of streaming services.
Full Content: Reuters
Featured News
CVS Health Explores Potential Breakup Amid Investor Pressure: Report
Oct 3, 2024 by
CPI
DirecTV Acquires Dish TV, Creating 20 Million-Subscriber Powerhouse
Oct 3, 2024 by
CPI
South Korea Fines Kakao Mobility $54.8 Million for Anti-Competitive Practices
Oct 3, 2024 by
CPI
Google Offers Settlement in India’s Antitrust Case Regarding Smart TVs
Oct 3, 2024 by
CPI
Attorney Challenges NCAA’s $2.78 Billion Settlement in Landmark Antitrust Cases
Oct 3, 2024 by
nhoch@pymnts.com
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