The European Commission approved the deal after the Sony group offered to sell the global rights to EMI’s Virgin catalogs and Sony/ATV Music Publishing’s Famous U.K. portfolio, the regulator said in an e-mailed statement.
Sony and Mubadala Development Co. “have offered to divest valuable and attractive catalogs containing bestselling titles as well as works of successful and promising authors,” said EU Competition Commissioner Joaquin Almunia in the statement. “I am therefore satisfied that the competitive dynamics in the online music publishing business will be maintained.”
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