The European commission has granted Universal the permission to takeover British Music Label, EMI for 1.2 billion pounds - with a few clauses.
Parlophone, home to Bowie, Coldplay, Gorillaz etc is to be divested, apart from The Beatles' back catalogue. All subsidiaries will be affected, including Bella Union, and Kistune. And the 50% of NOW! that EMI own is to be sold by Universal
A spokesperson for the European Commission told the BBC, "The very significant commitments proposed by Universal will ensure that competition in the music industry is preserved and that European consumers continue to enjoy all its benefits," EU competition commissioner Joaquin Almunia declared in a statement. "Competition in the music business is crucial to preserve choice, cultural diversity and innovation" he continued. "In this investigation, we have paid close attention to digital innovation, which is changing the way that people listen to music."
This is a huge move for the industry, and thank God universal were there to step in and save EMI.