The Federal Trade Commission (FTC) has approved the sale of EMI Music Publishing to a group led by Sony, without having to make any divestitures. Reuters reports that the FTC approved the $2.2 billion deal in a short letter to the parties involved.
In its letter, the FTC said upon its review of the EMI-Sony deal, it found no reason for any further action and "accordingly, the investigation has been closed."
In April, European regulators approved the EMI Publishing sale, on the condition that certain catalogs and assets be divested.
The investor group is comprised of Sony Corporation of America, the Estate of Michael Jackson, MubadalaDevelopment Company PJSC, Jynwel Capital Limited, the Blackstone Group's GSO Capital Partners LP and David Geffen. Sony/ATV Music Publishing, a joint venture between Sony and the Estate of Michael Jackson, will administer EMI Music Publishing on behalf of the investor group.
Martin Bandier, Chairman/CEO of Sony/ATV Music Publishing, said in a statement, "Today is a truly special day. For me, the best part of being in the music publishing business has always been the opportunity to be associated with talented songwriters and great songs. As I become reunited with the company that has many of the greatest songwriters and songs of all time, I look forward to helping create the best music publishing company in the world, with the extraordinary talent-artists, songwriters and staff-at the combined Sony/ATV and EMI."