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
BIA/Kelsey Projects $139.3 Billion In Local Media Revenue By 2015
Allison Warren Named VP/Market Manager For Cumulus-Nashville
Lauren MacLeash Named OM For CBS Radio's KMNB, KZJK/Minneapolis
CBS Radio’s “We Can Survive” Concert Returns On October 24
In Brief - September 22, 2014
September 19, 2014
Broadcast Music, Inc. Reports Record-Breaking Revenues Of $977 Million
The Week In Review: 9/15-9/19
106.7 The Beat Comes to Columbus
In Brief - September 19, 2014
September 18, 2014
Cat Collins Joins iHeartMedia's National Programming Platforms Team
TT Torrez Joins HOT 97/New York As Music Director
In Brief - September 18, 2014
September 17, 2014
Charese Fruge Named VP, Programming, CBS Radio Las Vegas
iHeartRadio Music Festival To Stream, Broadcast Live Across Multiple Platforms Nationwide
KDKB/Phoenix Becomes ALT AZ 93-3, Arizona's Alternative
Report: U.S. Advertising Expenditures Increased 0.7 Percent In Q2 2014
In Brief - September 17, 2014
September 16, 2014
Clear Channel Rebrands As iHeartMedia
Nielsen Releases Radar September 2014 Network Ratings
Republic Records Restructures Media Department, Adds Key Executives
NRG Media Names Erica Dreyer Director Of Integrated Media
In Brief - September 16, 2014
September 15, 2014
WLUP-FM/Chicago Takes Fresh Direction With New Weekday Line-up, Nationwide Talent Search
CCM+E San Antonio Names Don Gosselin PD For KAJA, KRPT
Justin Wittmayer Appointed VP/Market Manager For Cumulus San Francisco
Music News
iHeartRadio Festival Takes Over Vegas
FMQB Photo Pass: Black Keys
Quick Hits: Lorde, Hozier, Charli XCX, Madonna, Pink Floyd
Jennifer Hudson Talks New Album
The Week In Review: 9/15-9/19
Quick Hits: Queen, Freddie Mercury, Michael Jackson, Foo Fighters, JLo, Iggy Azalea,
U2, Apple Partnership Has More In Store
Quick Hits: Metallica, Kanye West & Lorde, Dr. Dre, Paul McCartney
FMQB Photo Pass: Steve Winwood & Tom Petty
Quick Hits: Lecrae, Bruce Springsteen, Jessie J
Taylor Swift Talks 1989
Quick Hits: Katy Perry / MTV EMAs, Icona Pop, Whitney Houston, Manchester Orchestra, Mary Lambert, K. Michelle
One Direction Says "Steal My Girl"
Quick Hits: Beyoncé & Jay Z, Neil Young's Bridge School Benefit, Bon Jovi, George Harrison
Quick Hits: Gwen Stefani, Iggy Azalea, Demi Lovato, Calvin Harris, Ellie Goulding, Kendrick Lamar
FMQB NOW

Marissa Lanchak
APD/MD
WFLY/Albany

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!