Photo: WENN.com
The European Commission has approved Universal Music's takeover of EMI music - on the condition it sells a number of its existing imprints.
The music industry giant's £1.2 billion takeover has been approved by the commission after fears of the company growing too powerful in the industry if the takeover was successful. Now, under strict conditions, the takeover bid has been approved and a number of artists are set for major shake-ups behind the scenes.
Universal will sell EMI's Parlophone, which is home to Lily Allen, Blur and Pink Floyd under the conditions. Also up for sale will be Mute - which boasts The Ramones on its roster, Chrysalis, who have Depeche Mode and Moby on their books as well as Universal's 50% stake in the Now! That's What I Call Music compilations. These precautions are in order to minimize income for Universal music and ensure their position in the industry does not become too powerful.
Universal had initially planned to sell several smaller imprints, but is now offering Parlophone for purchase.
Universal is said to be setting in motion plans to sell most of the hugely successful label - and potentially acts such as Coldplay along with it - while retaining artists such as The Beatles.
Other artists on the label set to feel the impact of the sale including Blur and Kylie Minogue. BMG music has already expressed an interest in purchasing Parlophone.
