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
Pat Cerullo Named PD of KTFM & JACK-FM/San Antonio
Nielsen Report: Country Music’s Cross-Over Popularity
Triton Digital Announces Compliance With IAB Specification For Digital Audio Ads
In Brief - October 31, 2014
October 30, 2014
Journal Communications Reports Third Quarter 2014 Results
Irving Azoff Leading New Music Rights Venture
Crush Music Announces Two New Hires
In Brief - October 30, 2014
October 29, 2014
Def Jam Recordings Promotes Scott Maness To VP/Rhythm Crossover Promotion
Melissa Etheridge, Ingrid Michaelson To Perform At National Radio Hall of Fame Induction Ceremony
In Brief - October 29, 2014
October 28, 2014
iHeartMedia, Inc. Reports Results For 2014 Third Quarter
SiriusXM Reports Third Quarter 2014 Results
Talus Knight Named PD/Afternoon Host At KKND
iHeartMedia San Francisco Names John Leathers Vice President Of Sales
Radio Advertising Bureau Board of Directors Elects New Officers & Directors
Pandora Hires Chris Phillips As Chief Product Officer
CBS Radio's We Can Survive Achieves High Marks On Social Media
iHeartRadio Survey: Listeners Predict We’ll See A Lot Of Lady Gaga Impersonators
In Brief - October 28, 2014
October 27, 2014
Lulu & Lala Spice Up Afternoons On WFLC-FM
Universal Music Group Names Michael Frey, President, Supply Chain & Media Services
Benztown Releases First-Ever Benztown 50 Voice Power Index
Noise Fusion Unleashes Next Generation Sounds Online
In Brief - October 27, 2014
October 25, 2014
Music News
Pitbull & Enrique Iglesias Continue The Party
Quick Hits: Iggy Azalea, Foo Fighters, Robin Thicke, Metallica, Public Enemy
Quick Hits: K. Michelle, Billboard Touring Awards, George Ezra, Phish
Slipknot Land Second #1 Album With .5: The Gray Chapter
Quick Hits: Metallica, Coldplay, Pitbull, Nile Rodgers
Taylor Swift Sings From The Rooftops
Quick Hits: Nicki Minaj, David Guetta, Calvin Harris, Soundgarden, R.E.M., The Who's Teenage Cancer Trust
Fergie, Lorde Join AMA Performers
Eric Clapton Offers Tribute to Jack Bruce
New Imagine Dragons Song Featured In Sprite LeBron James Commercial
Quick Hits: Imagine Dragons, Taylor Swift, Rock In Rio USA, Band of Merrymakers, Prince, Beady Eye
Taylor Swift Talks Pop Genre, 1989 & More
The Week In Review: 10/20-10/24
Quick Hits: The Grammys, Sam Smith, Foo Fighters, The Grateful Dead
Taylor Swift Reveals Songs of 1989
FMQB NOW

Christopher K
APD/MD, KDND & KUDL
Sacramento

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!