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
Beasley Broadcast Group Reports Revenue Growth in Q1
May 3, 2016
CBS Corporate Revenue Up 10 Percent In First Quarter
Adam Wiener Named EVP/GM, CBS Local Digital Media
iHeartRadio Breaks Another Record: 85 Million Registered Users
Greater Media Renews Relationship with Triton Digital
Live Nation Reports $1.2 Billion in Q1 Revenue
In Brief - May 3, 2016
May 2, 2016
Entercom Reports First Quarter Results
Cumulus Names Brian Demay PD of WRRM-FM/Cincinnati
CBS Radio Names Kenetta Bailey SVP/Marketing
April 29, 2016
Pandora Revenue, Listenership Rises In Q1
In Brief - April 29, 2016
April 28, 2016
SiriusXM Reports First Quarter 2016 Results
CMG Tulsa Names Nathan Reed Director of Branding & Programming at KRAV-FM
Cumulus Media Shreveport Ups Julie Kansy to PD at KQHN
ASCAP Revenue Tops $1 Billion For Second Straight Year
April 27, 2016
Blaire Galaton-Kelleher Joins “The Jack Diamond Morning Show” On WRQX/Washington, D.C
Premiere Networks To Provide Distribution For Aiir
Radio Milwaukee Names Glenn Kleiman Executive Director
In Brief - April 27, 2016
April 26, 2016
CBS Radio Las Vegas Promotes JB King to Operations Manager
KLUC/Las Vegas Taps John Moug As New Afternoon Drive Host
Donna Gryn Promoted to VP of Marketing at Republic Records
KIIS FM/Los Angeles Announces Artists Performing At Wango Tango Pre-Show Village
Music News
McCartney, Stones, The Who Top New Festival
Quick Hits: Radiohead, Chris Brown, Against Me!, Violent Femmes, Miike Snow
As Expected, Beyoncé Tops Billboard Chart With Lemonade
Quick Hits: Prince, Radio Disney Music Awards, Radiohead, classic rock festival, Red Hot Chili Peppers, Garbage
FMQB Photo Pass: Pearl Jam
Blink-182 Announce Album, Tour With Matt Skiba
Drake Expands Tour, Reveals Tracklist For Views
Quick Hits: Demi Lovato & Joe Jonas, Cash Cash, Whitney Houston, Deftones' Chino Moreno
Quick Hits: Justin Bieber, Lady Gaga & Elton John, Prince, Thrival Festival, B.o.B
Quick Hits: Bumbershoot Festival, Fetty Wap, HARD Summer, Jenny Lewis, Bayside
Prince Returns To The Top Of The Billboard 200
Drake Announces Summer Sixteen Tour, OVO Fest
Quick Hits: Billboard Music Awards, Guns N' Roses, Tegan and Sara, Twin Peaks, Jennifer Hudson, Billy Paul
Beyoncé Releases New Album Lemonade Via Tidal
Tributes Continue To Pour In For Prince
FMQB NOW

Nick Petropoulos
Head of Promotion
Glassnote Music

    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!