EU Urged to Block Sony’s Purchase of EMI
CBJ — Independent music labels group Impala is calling on EU antitrust regulators to block Sony’s bid to become the world’s largest music publisher with its $2.3 billion offer for control of EMI. Impala is concerned that combining those two forces would yield far too much market power for one company.
Sony announced the proposed deal in May. If it is approved it would give Sony the rights to 2.1 million songs from artists such as Drake, Sam Smith, Pharrell Williams and Sia.
The Japanese conglomerate, which currently owns a 30% stake in EMI, wants to buy Mubalada Investment’s 60% stake. Last month, it acquired the estate of Michael Jackson’s minority share of EMI.
The growing popularity of fixed-price music streaming services such as Spotify, Apple Music, Google Play, SoundCloud and YouTube has boosted the industry.