Sony will know by October 26 whether EU antitrust regulators will wave through its US$2.3 billion offer for control of EMI to become the world’s largest music publisher, according to a filing on the European Commission website on Monday, September 24.
The proposed acquisition is the boldest strategy move by Sony’s new CEO Kenichiro Yoshida, which would give it rights to 2.1 million songs from artists such as Drake, Sam Smith, Pharrell Williams, and Sia.
EU antitrust enforcers can clear the deal with or without concessions, or open a four-month investigation if they have serious concerns.
“This transaction would disrupt competition and harm consumers in an already overly concentrated music market. Given recent precedents set by the European Commission, we believe Sony’s takeover will face stiff opposition,” said Helen Smith, independent music association Impala’s executive chair.
Sony, which announced the deal in May said it would pay about US$2.3 billion to gain control of EMI to become the world’s largest music publisher in an industry that has found new life on the back of streaming services.
Full Content: Reuters
