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
eQB NOW
The Week In Review: 10/20-10/24
Beasley Broadcast Group Issues Third Quarter Results
Pandora Reports Q3 2014 Financial Results
Deezer Acquires Stitcher
In Brief - October 24, 2014
October 23, 2014
Nielsen Reports Third Quarter 2014 Results, Announces $1B Share Repurchase Authorization
iHeartRadio Now Available For Use In Apple's CarPlay
In Brief - October 23, 2014
October 22, 2014
Pandora AMP Allows For "Large Scale" Artist Analytics
Spanish Broadcasting System Names Eric Garcia Radio Revenue Chief, GM, New York Market
The Conclave To Honor Ginny Morris With The Rockwell Award
In Brief - October 22, 2014
October 21, 2014
Report: Ron Fair Departs Virgin Records
Adobe, Nielsen To Create Comprehensive Measurement Platform For Digital Content
DMR/Interactive Names Doug Smith VP/Marketing Strategy
Triton Digital's August 2014 Ranker: Major News Events Show Impact On Top 20 Streaming Audio Markets
October 20, 2014
iHeartMedia San Francisco Names Mark Adams PD of KYLD & KIOI
Premiere Networks Promotes Claudine Cazian To VP/Programming & Branded Entertainment
Entercom Names Carlos Lamadrid VP/National Sales, Strategic Partnerships
Pandora Hires Steve Bené As General Counsel
In Brief - October 20, 2014
October 17, 2014
In Brief - October 17, 2014
The Week In Review: 10/13-10/17
October 16, 2014
Music News
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
One Direction Goes "On The Road Again"
Quick Hits: American Music Awards, Justin Timberlake, New Now Next Awards, Foo Fighters, Jake Miller, ShipRocked
Florida Georgia Line, Bob Seger Lead Sales Chart
Quick Hits: Taylor Swift, Foo Fighters, Gwen Stefani, Cold War Kids
Charli XCX, Haim and More Contribute to Hunger Games
Quick Hits: Meghan Trainor, Smashing Pumpkins, Milky Chance
U2 Sits Down For Intimate Radio Special
Quick Hits: Coldplay, Gwen Stefani, Foo Fighters, Dropkick Murphys, Madisen Ward and the Mama Bear
One Direction Reveal Four Tracklist
The Week In Review: 10/20-10/24
Quick Hits: Iggy Azalea, U2, Snoop Dogg / Pharrell, iHeartRadio Fiesta Latina
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!