BRUSSELS, Feb 13 (Reuters) – The European Commission said on Friday it had approved with conditions Universal Music Group’s acquisition of Downtown Music. UMG will have to divest Downtown’s royalty accounting platform Curve for the $775 million (653.9 million euros) deal to go through, the Commission said in a statement, confirming a Reuters report from […]
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EU clears Universal Music takeover of Downtown with conditions
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BRUSSELS, Feb 13 (Reuters) – The European Commission said on Friday it had approved with conditions Universal Music Group’s acquisition of Downtown Music.
UMG will have to divest Downtown’s royalty accounting platform Curve for the $775 million (653.9 million euros) deal to go through, the Commission said in a statement, confirming a Reuters report from last month.
Virgin Music, the UMG’s unit that is taking over Downtown, and Dowtown itself both welcomed the Commission’s decision.
(1 euro = $1.1853)
(Reporting by Gianluca Lo Nostro and Yun Chee Foo; Editing by Inti Landauro)