Sony’s planned acquisition of EMI Music Publishing has shifted to the next stage, with the music major having completed its notification filing to European competition authorities.
The European Commission should have now received enough data to consider the filing complete and decide whether or not to launch its investigation into the impact of Sony’s plan.
The clock is ticking. A deadline of October 26 is now set for the commission to make an initial assessment on the takeover, at which time it can either give the green-light or kick-start a phase two probe. Pan-European music companies’ trade body IMPALA is confident the second of these options will be taken.
This transaction “would disrupt competition and harm consumers in an already overly concentrated music market. Given recent precedents set by the European Commission, we believe Sony’s take over will face stiff opposition,” comments Helen Smith, IMPALA’s Brussels-based Executive Chair.
As previously reported, IMPALA last month filed an objection with the commission about Sony’s outright acquisition of EMI Music Publishing, which it described as “seismic” and a cultural road block for artists, entrepreneurs and music fans.