UMG Receives Antitrust Complaint From EU Regulators
June 19, 2012
Universal Music Group says it has received an antitrust complaint from the European Union's regulators over the label's impending deal to buy EMI's recorded music division. A spokesperson for UMG said in an email to Bloomberg Businessweek that the European Commission "provided us today with a statement of objections. We will continue to work closely with the commission and look forward to securing regulatory clearance." It was not revealed what the specific objections are.
As previously reported, the European regulators are facing a September 6 to approve or deny the UMG-EMI deal. A "statement of objections" sets out the regulators' case for potentially blocking a merger. European Commission spokesman Antoine Colombani declined to comment to Bloomberg on the statement of objections.
Yesterday it was reported that UMG Chairman Lucian Grainge and EMICEO Roger Faxon will appear before the antitrust subcommittee of the Senate Judiciary Committee this Thursday to defend the UMG-EMI deal. Live Nation Chairman Irving Azoff also will testify in support of the deal, while Warner Music Group board member Edgar Bronfman, Jr.,Beggars Group Chairman Martin Mills and Public Knowledge President Gigi Sohn are expected to testify against the sale.