Majors To Miss Universal Disposals

Universal Music Group’s plan to make disbursements in order to pacify the European Commission over its proposed purchase of EMI’s recorded music business doesn’t include selling anything to its major rivals, according to the Financial Times.

Meanwhile The Guardian reported that the Vivendi-owned company has a little more time before it has to hand over the $1.9 billion it agreed to with U.S. banker Citigroup, which has owned the English music company since seizing it from Guy Hands’ Terra Firma private equity firm.

It was previously thought that Vivendi would have to pay Citigroup in September, 10 months after the deal was announced, regardless of whether the takeover had been cleared by the regulatory authorities.

The FT story also suggests the independent music companies’ opposition to the deal is beginning to crumble as Domino Records, Ministry of Sound and PIAS have all reportedly told the paper that they back the Universal-EMI deal.

Daniel Miller, who sold his Mute label to EMI, is another who has come out in favour of Universal taking over EMI’s records business.

Last week, IMPALA co-president Patrick Zelnik – who also heads French indie Naïve – was reported to be in talks with Richard Branson to buy Virgin Records. Branson sold the company to EMI in 1992.

IMPALA, the European independent music companies’ organisation, is maintaining its public position of opposing Universal’s purchase of EMI.