EU Vote On UMG-EMI Due Next Week, FTC Ruling Coming Soon
September 14, 2012
A ruling is expected on the Universal Music-EMI deal late next week, as the European Commission is expected to formally vote on the matter on September 20 or 21. Sources tell Billboard.biz that the EC will put the sale and UMG's proposed concessions to a vote before a full panel of European Union commissioners next Thursday or Friday. The EU then has until the following Thursday, September 27 to announce its decision and release a written report.
A vote from the full EU panel is the third and final step in the approval process .So far, VP of the EU and Commissioner for Competition Joaquin Almunia has reportedly approved the deal, and just last week, the deal was put before the advisory committee comprised of representatives of the 27 EU states, though the results of that vote are as yet unknown.
Billboard.biz also reports that in the States, the Federal Trade Commission (FTC) has been reviewing the deal and is planning on announcing its own decision some time during the week of September 24.
Earlier this week it was reported that UMG is "already eager to unload upwards of $350 million in assets" to win the EU's approval of the sale.