Brussels to spell out details of EMI's asset sell-off after takeover
City bankers are looking forward to a big auction of record label EMI's assets as its new owner, Universal Music, pays a "heavy price" to gain approval from Brussels for its £1.2bn takeover.
The European Commission will spell out details of the concessions it has wrung from Universal when regulators give their formal approval in an announcement expected today. According to the Wall Street Journal, Universal must agree to sell 60 per cent of EMI's businesses in Europe, measured by revenue.
This will include the Parlophone label, home of Coldplay and Katy Perry, and several other key subsidiaries such as Ensign and Mute, Virgin Classics and Chrysalis.
One person involved in the talks in Brussels was quoted as saying European approval "has come at a very heavy price for Universal".
Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?
World news in pictures
You thought Ryainair's attendants had it bad? Wait 'til you hear about their pilots
Revealed: Eerie new images show forgotten French apartment that was abandoned at the outbreak of World War II and left untouched for 70 years
Join Ryanair! See the world! But we'll only pay you for nine months a year
- 1 Heading for America? Prepare for the longest US immigration queues ever
- 2 Amir Khan interview: 'One second could end my boxing career'
- 3 Boxing: Purdy set to join long list of British fighters who take the money – and then the beating
- 4 Dan Stevens after Downton Abbey: The erstwhile Matthew Crawley is back in period costume
- 5 Join Ryanair! See the world! But we'll only pay you for nine months a year
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
iJobs Money & Business
£550 - £600 per day: Orgtel: Fidessa Analyst / PM - Banking - London - Up to £...
£450 - £500 per day: Orgtel: Sourcing Manager - Banking - London - Up to £500p...
To be discussed at interview.: Queen Elizabeth's School: An experienced and ef...
£294.05 - £330.92 per day + 150 per day travel and accommodation: Orgtel: A le...