By Foo Yun Chee BRUSSELS, Dec 16 (Reuters) – Universal Music Group has offered to sell royalty services platform Curve in an attempt to address EU competition concerns over its $775 million bid for Downtown Music, a person with direct knowledge of the matter said on Tuesday. Independent labels have called for the deal to […]
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Universal offers to sell Downtown’s Curve to win EU approval, source says
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By Foo Yun Chee
BRUSSELS, Dec 16 (Reuters) – Universal Music Group has offered to sell royalty services platform Curve in an attempt to address EU competition concerns over its $775 million bid for Downtown Music, a person with direct knowledge of the matter said on Tuesday.
Independent labels have called for the deal to be blocked, citing concerns about the digital market, the whole ecosystem, cultural diversity and the removal of a significant competitor
UMG, whose Virgin Music Group is making the acquisition, put in the offer to the European Commission last week but did not provide details. On Tuesday, it reiterated that it has offered a robust remedy but gave no further information.
Curve provides royalty accounting as well as payment and related services in relation to royalties and rights management.
The Commission has warned the deal may hinder competition and remove an important rival.
The EU antitrust enforcer, which has set a February 27 deadline for its decision on UMG’s Downtown bid, has asked for feedback from rivals and customers on remedies before deciding whether to accept them or demand more, another person with direct knowledge of the matter said.
(Reporting by Foo Yun Chee; Editing by Alexander Smith)