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
Jacobs Media Releases Techsurvey 11 Data
Mitra Darab Named SVP/Marketing, Capitol Music Group
KROQ Weenie Roast Y Fiesta 2015 Line-up Announced
April 24, 2015
eQB NOW
The Week In Review: 4/20-4/24
iHeartRadio Now Available On The Apple Watch
CÜR Media Names Jay Clark Chief Content Officer
CBS Radio Stations Awarded With 21 Regional Edward R. Murrow Awards
In Brief - April 24, 2015
April 23, 2015
Warner Bros. Promotes Rob Goldklang To SVP/Alternative Promotion
CBS Radio Houston Names Charese Fruge VP/Programming And Operations Manager
Cat Thomas Named VP/Programming, CBS Radio Las Vegas
CBS Radio Las Vegas Names New PDs At KLUC & KMXB
iHeartMedia's First-Ever Soundfront
Pandora Reports Q1 2015 Financial Results
In Brief - April 23, 2015
April 22, 2015
Nielsen Reports Solid First Quarter
Shazam For Radio Adds David De Busk
KIIS FM Announces Wango Tango Pre-Show Performers
In Brief - April 22, 2015
April 21, 2015
Linda Little Named Market President For iHeartMedia Phoenix
iHeartRadio Now Available On Xbox One
Impact Radio Group Ups Garfield To PD at KWYD/Boise
Clip Interactive Activates FM Chip Listening On Additional Devices
In Brief - April 21, 2015
April 20, 2015
Music News
Black Keys' Dan Auerbach Announces New Solo Project
The Week In Review: 4/20-4/24
Quick Hits: Grateful Dead / John Mayer, Saturday Night Live, Frank Ocean, System Of A Down
Quick Hits: Lady Gaga, Estelle, MusiCares MAP Fund benefit concert, Hard Summer Festival, Faith No More, The Ting Tings
Teen Vine Star Shawn Mendes Tops Billboard 200
Quick Hits: Britney Spears & Iggy Azalea, The Grateful Dead, Ed Sheeran, R.E.M., The Smashing Pumpkins, Pitchfork Music Festival, Musicfest NW
Charli XCX, Bleachers Plot Eclectic Tour
Quick Hits: Billboard Music Awards, Walk Off the Earth, Miami Concert Series, Louis Tomlinson, Neil Young, AC/DC, Mötley Crüe
Green Day, Ringo & More Inducted Into The Rock Hall Of Fame
Muse Plans Drones Live Events
Quick Hits: iHeartRadio Summer Pool Party, Hozier, Panic! At The Disco, Foo Fighters, Neil Young / WayHome Music and Arts Festival
Quick Hits: Giorgio Moroder / Britney Spears, Green Day, Black Sabbath, Deftones & Incubus
The Week In Review: 4/13-4/17
FEATURED MUSIC NEWS CONTENT
FMQB Retro-Active: Aerosmith's Joey Kramer Talks Donington DVD, The Beatles, and Rockin and Roastin Coffee
FMQB NOW

Rick Cummings
Emmis Pres.
of Programming

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!