Universal Music Group has submitted its divestment package to the European Commission, the latest step in the corporation’s proposed $1.9 billion purchase of EMI’s recorded music division.
“We believe the package fully addresses the Commission’s concerns and follows our constructive discussions with regulators, independent labels and competitors,” said the company in a statement.
The Commission will test out the package with the company’s competitors to see if it satisfies their concerns. The Commission will have until the September 27 deadline to make a ruling.
Complete details on what is included in the package have not been released. Late yesterday, reports surfaced that UMG was considering selling off EMI’s Parlophone imprint, home of Coldplay, Radiohead, Blur, and The Beatles. BMG Rights Management is rumored to be in talks to purchase Parlophone, though UMG would likely hang on to The Beatles’ catalog. Previously, UMG had been considering the sale of smaller imprints such as Virgin, Chrysalis, and Mute.
The Federal Trade Commission is currently investigating the proposed deal in the United States.
