Update on Universal-EMI

July 2012

Record labels


Universal’s proposed takeover of EMI’s recorded music division has had a congressional hearing with a public airing of the arguments for and against the acquisition in the USA – with music industry veterans Lucian Grainge, Roger Faxon and Irving Azoff speaking up for the UMG-EMI tie up and , Edgar Bronfman Jr and Martin Mills against along with  Gigi Sohn from American lobby group Public Knowledge. The congressional session took place on Thursday, 21 June and Grainge insisted that everyone would be a winner if and when the Universal and EMI labels unite, saying, according to the Financial Times: “Our coming together will benefit consumers, artists and all those committed to a diverse and healthy music business”. But Mills countered that the only people who would actually benefit would be Universal’s owners and management, who were, he claimed “monopolists” seeking market power. Edgar Bronfman Jr said that a combined Universal EMI would be “one innovation-stifling dominant player”.

http://www.reuters.com/article/2012/06/21/us-emi-universal-antitrust-idUSBRE85K0N020120621?feedType=RSS&feedName=innovationNews&rpc=43 and more here http://www.billboard.biz/bbbiz/industry/record-labels/irving-azoff-disputes-bronfman-mills-testimony-1007407162.story

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