BRUSSELS, Dec 12 (Reuters) – Universal Music said on Friday it has submitted a remedy to address competition concerns from the European Commission over the group’s $775-million takeover of Downtown Music. The Commission last month objected to the deal, saying it was concerned UMG could gain access to commercially sensitive data that is stored and […]
Business
Universal submits remedy to EU’s objections over Downtown deal
Audio By Carbonatix
BRUSSELS, Dec 12 (Reuters) – Universal Music said on Friday it has submitted a remedy to address competition concerns from the European Commission over the group’s $775-million takeover of Downtown Music.
The Commission last month objected to the deal, saying it was concerned UMG could gain access to commercially sensitive data that is stored and processed by Downtown, which could limit competition from other labels.
UMG said in a statement on Friday it had submitted the remedy following constructive conversations with the Commission.
“We have submitted a robust remedy that comprehensively addresses the Commission’s only remaining concern,” it said in a statement.
“This deal is about offering independent music entrepreneurs access to world-class tools and support to help them succeed. We are confident that the Commission will recognize the benefits .. and clear the transaction swiftly.”
Independent labels have criticised the acquisition and even called for it to be blocked.
(Reporting by Yun Chee Foo, writing by Louise Breusch Rasmussen, editing by Bart Meijer)