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US FTC Okays Sony, Mubadala bid for EMI

01 Jul 2012

(MENAFN) Abu Dhabi’s Mubadala, Sony consortium’s USD2.2 billion takeover bid for US-based EMI Music Publishing was Okayed by the Federal Trade Commission (FTC), Reuters reported.

Sony, with Blackstone Group, Abu Dhabi’s Mubadala Development Co, Raine Group and music and film mogul David Geffen, won the buyout deal of EMI Publishing last year in a deal that will put Sony on top in global music publishing.

In April, Sony got the nod from the European antitrust regulators to seal its acquisition of the EMI unit; on condition it sells the worldwide publishing rights of artists, including Robbie Williams and Lenny Kravitz.

The consortium proposed a deal with Europe regulators in which they would sell the assets to satisfy concerns that the deal would break antitrust law.

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