As predicted, the European Commission has approved Sony and investment fund Mubadala Development Company’s acquisition of EMI’s publishing business, conditional on the new entity selling off worldwide publishing rights to four catalogues and musical works of 12 ‘contemporary authors’. “Sony and Mubadala have offered to divest valuable and attractive catalogues containing bestselling titles as well as works of successful and promising authors,” says the Commission’s VP in charge of competition policy, Joaquin Almunia, in a statement. “I am therefore satisfied that the competitive dynamics in the online music publishing business will be maintained so as to ensure consumer choice and cultural diversity.” The four catalogues being sold off are Virgin UK, Virgin Europe, Virgin US and Famous Music UK, while the authors include Gary Barlow, Ozzy Osbourne, Robbie Williams, Ben Harper, Lenny Kravitz, Placebo and The Kooks.
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