EU approves merger of Universal, BMG's music rights businesses

0 Comments | AFP, May, 2007

BRUSSELS (AFP) — EU regulators approved on Tuesday Universal Music's plans to take over the music publishing rights business of rival BMG after the two groups agreed to sell some choice assets.

The European Commission said it had "concluded that the proposed operation would not significantly impede effective competition" after the groups promised to sell rights catalogues, including stars like Britney Spears and Bryan Adams.

"Digital music has the potential to change the face of the music industry in Europe," Competition Commissioner Neelie Kroes said.

"I am satisfied that the significant remedies will keep these markets competitive and ensure that consumers will not be harmed by the merger," she added.

In early September, French media group Vivendi,...