Universal a step closer to buying EMI
The ACCC (Australian Competition and Consumer Commission) have decided not to oppose Universal Music Group's buyout of EMI.
If it goes ahead, the new label would have a stable of artists like Justin Bieber, Taylor Swift, Maroon 5, Will.I.Am, The Killers, Coldplay, the Rolling Stones and many more.
Universal have said…
''Our investment in EMI will create more opportunities for new and established artists, expand music output and consumer choice, and support new digital services. We welcome the decision and are working closely with regulators in Europe and in the US to obtain further clearances."
Not everyone is happy at the move, with Merlin CEO Charles Caldas, who represents the world's biggest indie labels saying…
''The ACCC's decision is incomprehensible to me, and marks a terrible day for Australian music consumers. If this transaction goes through unchallenged, we can only see those consumers facing less choice, higher prices, and less comprehensive digital offerings than they should be entitled to enjoy.''
See more in the Herald Sun here