Parlophone Deal Gets EC Approval

The European Commission gave its regulatory approval of the sale of EMI’S Parlophone Group to Warner Music Group May 15.

The sale was one of the conditionals of the EC approving Universal’s $1.9 billion purchase of EMI.

Officially recognising the role of IMPALA and Merlin’s agreement in strengthening the independent sector, the EC regulator has now completed its review process concerning the sale of EMI.

IMPALA and Merlin will continue to implement their agreement with WMG, including a series of measures designed to strengthen the sector announced Feb. 19.

The agreement will allow independent record labels that are members of IMPALA or Merlin to buy, license or distribute a significant portion of PLG assets or their equivalent in WMG-owned assets.

IMPALA says the deal will also, via strong behavioral commitments and capacity-building initiatives from WMG, help to rebalance the recorded music market dominated by the stronger than ever duopoly of Universal and Sony Music.

“This marks the beginning of a new chapter for independent labels and their artists,” said IMPALA chief Helen Smith.