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Universal’s EMI bid to be considered in US Senate
By CMU Editorial | Published on Monday 14 May 2012
More EMI, and a committee in the US Senate will consider Universal Music’s proposed acquisition of the EMI record companies, according to the Wall Street Journal.
As previously reported, two lobby groups, Public Knowledge and the Consumer Federation Of America, recently called on the Senate judiciary committee’s antitrust panel to give time to considering the proposed EMI takeover, given concerns amongst some tech and consumer rights groups, and in the indie music community, that the deal, that will make the world’s biggest music company significantly bigger, will be damaging for artists, digital music providers and music fans.
Of course the US Federal Trade Commission, like the European Commission, is already considering the competition law implications of the proposed takeover, and the ultimate ruling from said regulator is much more important than any debates that happen within US Congress, though any public airing of the arguments for and against the acquisition could be interesting.
Responding to the news the Senate committee was planning on discussing their EMI proposals, a spokesman for Universal told reporters: “We welcome the opportunity to answer any questions that the subcommittee may have, address the facts and debunk myths. Universal Music is committed to reinvesting in EMI to create even more opportunities for new and established artists, expand the marketplace with more music and support new digital services. We remain confident of regulatory approval”.
