Sony/ATV-EMI Publishing Deal Gets European Approval
April 19, 2012

A group led by Sony/ATV Music Publishing has won approval from the European Union to acquire EMI Music Publishing for $2.2 billion. According to Bloomberg, Sony/ATV's deal was approved after it agreed to certain concessions, including selling off the global rights to EMI's Virgin catalog and Sony/ATV's Famous UK portfolio.

In a statement from the EU, Competition Commissioner Joaquin Almunia said the Sony group had "offered to divest valuable and attractive catalogs containing bestselling titles as well as works of successful and promising authors. I am therefore satisfied that the competitive dynamics in the online music publishing business will be maintained.” 

"Having spent over 17 years of my professional life helping to build EMI Music Publishing, today is not only an important milestone on the path to final approval, but a very special day for me, personally," stated Sony/ATV Chairman/CEO Martin Bandier. "But more than that, everyone at Sony/ATV joins me in recognizing the unparalleled talent and incredible assets of EMI Music Publishing and the great opportunities that lie ahead."

Yesterday it was reported that Sony was planning major cuts after the EMI deal goes through, with plans to lay off roughly 60 percent of EMI Publishing's staff over the course of two years..Billboard.biz has printed a memo from Bandier to his staff, in response to the New York Times report. Bandier wrote, "Over the last several months, we have been working with many units of your company to develop a strategic integration plan. This plan changes daily, as we continue to analyze the vast amount of information and meet with the department and regional heads at EMI Music Publishing. Since various governmental agencies around the world are still reviewing the proposed transaction, it was, to us, premature and inappropriate to share our thinking publicly. It is unfortunate that the New York Times received this information while we are still developing this integration plan."

He added, "While we do not have a completed integration plan to date, I will share with you some of our thoughts as to that process. If the transaction is approved by all the necessary agencies around the world, our current plan is to reduce the total number of employees of the two companies. The exact numbers or percentages are not final. Since our companies remain separate, we continue to learn more about the existing structure of EMI Music Publishing, which is quite different than when I was there, and evaluate the information we receive. Without a doubt, it is our intention to retain the best and brightest employees at both companies."




 
Breaking News
Afternoons With Adam Bomb Debuts on Q100/Atlanta
Beasley Media Group Names Randy Bliss OM For Fayetteville Market
Beasley Media Group Expands Responsibilities For Urban PD Tap Money
Nadine Santos Promoted To Director/Programming & Artist Relations At Music Choice
UMG And Alex Da Kid Sign Multi-Faceted Agreement
Debra Green Takes Over Nights On WSRV/The River
January 18, 2017
Gregg Nadel Named President of Elektra Records
CBS Radio Rebrands KVIL And AMPs Up The Dallas-Fort Worth Market
KDND/Sacramento Is Looking For Next Night Superstar
January 17, 2017
Angi Taylor Joins The Rendezvous
Randy Savage Joins Cumulus As OM Wilkes Barre/Scranton, PA Cluster
Hubbard Radio Chicago Signs Eric & Kathy To Multi-Year Agreement
Jill Devine Signs Multi-Year Renewal At KYKY/St. Louis
January 13, 2017
Pandora Expects To Exceed Q4 2016 Guidance, Citing Subscription Momentum and RPM Growth
SiriusXM Launches "Hits 1 in Hollywood"
In Brief - January 13, 2017
January 12, 2017
Beasley Names Debbie Mazella Program Director Of Magic 98.3/New Jersey
The Dave & Mahoney Morning Show Returns To KXTE (X107.5)/Las Vegas
January 11, 2017
Cumulus Promotes Matt Raback To VP/Market Manager For York-Lancaster-Reading, PA
Crystal Castorena Named GM For Impact Radio Group
Justin Luvv Named Afternoon On-Air Personality/Imaging Director For WRWM/Indianapolis
January 10, 2017
Ron Parker Named New Afternoon Host At WLS-FM/Chicago
KLOS/Los Angeles Kicks Off 2017 With New Programming Additions
Mark Kassof & Co. Launches Mobile Music Test
Music News
Justin Timberlake, Britney Spears Among People's Choice Award Winners
Quick Hits: Grammy Lineup, Audioslave, Third Eye Blind
Maroon 5 Scores Their Ninth #1 Top 40 Hit
Quick Hits: Lollapalooza Paris, Metallica, Brit Awards, U2, Radiohead, George Harrison, Dave Matthews & Tim Reynolds
Quick Hits: Ed Sheeran, Ariana Grande, John Legend, Fifty Shades Darker, Trent Reznor
U2, Chili Peppers, The Weeknd & Chance the Rapper Headlining Bonnaroo
Quick Hits: Ed Sheeran, Prince
Quick Hits: Rocklahoma, Prince's Estate, Big Sean, Shaky Knees Music Festival, Spoon
U2 Announce Joshua Tree Anniversary Tour
Quick Hits: Panorama Festival, Green Day, Billboard 200, A Perfect Circle
Ed Sheeran Releases Two New Singles
Tool, Chance the Rapper & Phoenix Headlining Governors Ball
Beyoncé, Radiohead & Kendrick Lamar Headlining Coachella 2017
Quick Hits: BottleRock Napa Valley Festival, The Chainsmokers, Ed Sheeran
Pop Star George Michael Dead at 53
FMQB NOW

 

Question Of
The Week

Advertisement:
Search FMQB.com
Advertisements:
FMQB Member Login
Email:
Pass:

Save
Not a member yet?
Sign up Now!
Sign Up for Breaking News!
Enter FMQB E-Tracking!