EMI music sale gets US approval

By GARETH MACKIE
Published on 30/06/2012 00:00

A CONSORTIUM led by Sony was yesterday cleared by US regulators to proceed with its $2.2 billion (£1.4bn) purchase of EMI’s music publishing division.

European watchdogs had already approved the deal, on the condition that Sony sells the worldwide publishing rights of artists including Lenny Kravitz and Robbie Williams. The Federal Trade Commission said the group would not have to sell any other assets.

The deal will turn Sony into the world’s largest music publisher, owning the rights to around three million songs.

The Japanese group teamed up with investors including private equity firm Blackstone, music mogul David Geffen and Abu Dhabi-owned investment fund Mubadala to buy the publishing business last year after it was put up for sale by Citigroup.