European regulators on Friday September 21, 2012 approved a reduced version of Universal Music’s $1.9 billion takeover of EMI Music, allowing Universal to expand its dominance as the world’s largest music company but significantly paring down its ambitions.
Universal agreed to divest itself of about a third of the assets of EMI, including most of Parlophone, its flagship label in Europe.
The divestment include global rights to release the music by the artists on those labels, which means that EMI will no longer release records by some of its biggest acts, including Coldplay, Pink Floyd and Kylie Minogue. One consolation for Universal is that it will not have to sell recording rights for the Beatles. MORE HERE
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