Extracts from the press conference by Joaquín Almunia on Mergers: Commission clears Universal's acquisition of EMI's recorded music business, subject to conditions
On 21 September 2012, Joaquín Almunia, Vice-President of the EC in charge of Competition, gave a press conference on Mergers.
The European Commission approved under the EU Merger Regulation the proposed acquisition of EMI's recorded music business by Universal Music Group. The approval is conditional upon the divestment of EMI's Parlophone label and numerous other music assets on a worldwide level. The Commission had concerns that the transaction, as initially notified, would have allowed Universal to significantly worsen the licensing terms it offers to digital platforms that sell music to consumers. To meet these concerns, Universal offered substantial commitments. In light of these commitments, the Commission concluded that the transaction would not raise competition concerns anymore. SHOTLIST