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News Summary: Sony buys EMI publishing for $2.2B
Friday - 6/29/2012, 5:40pm EDT
(AP) - HALF SOLD: A Sony-led group closed on its $2.2 billion purchase of EMI Music Publishing from Citigroup. All that remains EMI's recorded music side, which Vivendi's Universal Music Group has offered to buy for $1.9 billion. U.S. and European regulators are examining that deal.
HURDLE CLEARED: The U.S. Federal Trade Commission cleared the deal Friday. That means the combined entity is not feared to be able to raise songwriting royalty rates on its own or with others.
WORLD LEADER: Sony's partnership with the Michael Jackson estate, Sony/ATV, will manage the EMI catalog, which has songs from Kanye West, Rihanna and Norah Jones. The entity's No. 1 market share is about 31 percent, compared to 22 percent for Universal Music Publishing Group.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)