European regulators have given Universal Music Group until today (July 5) to offer concessions in its deal for EMI's recorded music division. According to Reuters, the European Commission had originally set a deadline of this past Tuesday, July 3. If the EU approves of UMG's concessions, it could grant its approval to the UMG-EMI deal. The EU had given Universal a 194 page statement of objections to its acquire EMI.

As reported earlier this week, the EU regulators told UMG that its plans for EMI would significantly impede competition in the music industry. Unless concessions are made, the EU could veto the deal. Universal could offer to sell off some of its catalogs or offer improved licensing deals to its competitors as concessions to the EU regulators.