Universal seeks EC approval of EMI takeover
Sunday 19 February 2012
Universal Music is poised to file with Brussels for approval of its £1.2bn takeover of EMI’s recorded music arm as early as this week.
The deal promises to create a music giant with close to a 40 per cent worldwide market share, uniting artists such as Lady Gaga and Katy Perry.
Universal will argue before the European Commission that the deal makes sense as the music industry reels from the impact of digital piracy and tumbling CD sales. It is also pledging to boost investment in artists and retain EMI’s historic Abbey Road studios.
The campaign comes as Citigroup, which seized EMI from its former owner, the financier Guy Hands’ Terra Firma vehicle, comes under pressure to put aside £500m to fund the group’s pension scheme.
The investment bank took on the liability as part of the deal to sell on EMI. Pension trustees want up to £200m to be injected immediately and a further £300m to be held in an escrow account. The pension scheme is going through an actuarial valuation. This is expected to show that between £400m to £500m would need to be put into the scheme to cover future pension payouts when Citi eventually decides to sell it on to an insurer or outside administrator. Citi is willing to put up to £200m into the scheme.
- 1 The political parties aren't all the same – which means 2015 will be a 'big-choice' election
- 2 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 3 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 Naomi Wolf reacts to Isis 'conspiracy theories' critism after she questions whether beheading videos are real
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
UK weather: Warning for more snow and ice as freezing temperatures and gales hit Britain
New York police shooting: thousands turn out for the funeral of Rafael Ramos
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Immigrants make UK racist, says Ukip councillor Trevor Shonk
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...