Author: JD

Universal-EMI Merger: A Timeline Of Events September 21, 2012   |    By Billboard Staff The European Commission’s approval of Universal Music’s acquisition of EMI’s recorded-music division — albeit with major concessions — is a milestone in a process that began some 15 months ago, was debated in the U.S. Senate, and involves properties in many different countries. While the process is not yet complete, EU approval was the major hurdle. Here’s a timeline of all the major events in our coverage of the deal. June 20, 2011: EMI Gears Up for ‘Possible Sale’ — Read CEO Roger Faxon’s Memo to Staff Aug. 5, 2011: EMI: High Bids Put Strategic Buyers — Including Other Majors — in the Lead Oct. 27, 2011: As EMI Auction Hits Home Stretch, Who’s in the Lead? Depends Who’s Talking … Nov. 10, 20111: EMI Split Sale Approaches, But Complications Persist Nov. 11, 2011: EMI’s Deals With Universal, Sony Face Inevitable — But Different — Regulatory Scrutiny   Edgar Bronfman, Jr. March 23, 2012: European Commission Investigation Into Universal’s Purchase of EMI Music Enters Phase Two April 16, 2012: Analysis of Martin Mills’ Harsh Words on Universal-EMI Merger May 8, 2012: Queen Manager Jim Beach on EMI-Universal Deal: EMI Shouldn’t Be Owned by a Private Equity Firm May 11, 2012: Senate to Hold Antitrust Hearings on Universal-EMI Deal May 17, 2012: Critics of Universal-EMI Merger Still Lining Up, But Outcome Still in Doubt June 20, 2012: At New Music Seminar, Sean Parker and Martin Mills Share Thoughts On Universal-EMI Merger June 20, 2012: Lobbying, Spending Heat Up Before Universal/EMI Senate Hearing June 21, 2012: Universal’s EMI Deal Approved By New Zealand Regulators June 26, 2012: Opinion: Universal-EMI Senate Hearings Filled With Misinformation, Missed Opportunities July 3, 2012: Universal-EMI Merger: European Commision’s Statement of Objections Leak (Report) “Statements of objections are common in EU antitrust process, and despite that, ’25 of the last 27 mergers that went to an extended review’ were approved.” July 7, 2012: Vivendi Chairman Jean-Rene Fourtou Takes Charge of Universal-EMI Deal, Report Says July 10, 2012: Universal Music’s Lucian Grainge Proposes ‘Manifesto For New Music Industry’ July 15, 2012: Guest Opinions — Gigi Sohn and Jodie Griffin of Public Knowledge | Vernon Brown of V. Brown & Company, Inc. July 17, 2012: Universal Music’s Concessions Grow in EMI Deal; Sale of Virgin U.K. Looks Likely  July 19, 2012: Exclusive: Naive’s Patrick Zelnik Talks Universal-EMI Merger, Plan to Buy Virgin With Branson, More “It could be in five years that the digital landscape has the same choices as the physical landscape had 25 years ago,” – Lucian Grainge July 26, 2012: Universal/EMI: Deal Looks Likely to Be Approved, But at What Cost to UMG?  July 26, 2012: Universal in Talks to Sell Off Parlophone Instead of Virgin, EMI Labels  July 27, 2012: Universal Finally Submits Divestment Package for EMI Deal to European Commission August 6, 2012: Pressure Mounts For Universal Music To Make U.S. Concessions on EMI Deal August 24, 2012: Universal Music-EMI Update: Where the Deal Stands Before Things Heat Up This Week September 10, 2012: Universal Music-EMI: Vivendi Confirms Payment, But Status of Deal Is Still Unclear September 19, 2012: Universal Music-EMI Deal Approved By Australian Regulators With No Divestments September 21, 2012: Universal Music’s Acquisition of EMI Approved by Federal Trade Commission ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— ——— July 28, 2011: EMI: Who’s Bidding? Nearly Everyone Who Bid for Warner Music Group Oct. 17, 2011: EMI: With Bids Low, Company Considers Whether to Split Up or Postpone Sale Oct. 30, 2011: EMI: Access/Warner Pulls Out of Auction Nov. 11, 2011: EMI Publishing Goes to Sony, Label to Universal; Citigroup and Vivendi,EMI’s Roger Faxon , IMPALA Release Statements Dec. 22, 2012: FTC Reviewing Citigroup’s Sale of EMI To Universal, Sony: Report Feb. 2, 2012: Edgar Bronfman’s Big Statements About Universal/EMI Deal Are Business As Usual — But Much More Public Feb. 20, 2012: Universal Music Formally Requests EU Approval to Purchase EMI’s Labels March 26, 2012: Universal to Sell Music Publishing Catalogs Worth $200 Million as Part of EMI Purchase April 18, 2012: Universal Music’s EMI Acquisition Supported by SAG-AFTRA, AFM June 8, 2012: Universal Music’s Acquisition of EMI To Face EU Commission’s Statement of Objections June 15, 2012: Lucian Grainge, Roger Faxon, Irving Azoff to Testify at EMI/Universal Deal’s Congressional Hearing June 19, 2012: Universal Music Group Receives Statement of Objections From European Commission Over EMI Deal June 21, 2012: Highlights From Azoff, Grainge, Bronfman Testimony in Today’s Universal-EMI Senate Hearing ; Music Execs Debate Promise and Threats of Universal-EMI Merger at Senate Hearing  June 22, 2012: Irving Azoff Disputes Bronfman, Mills Testimony at Universal-EMI Senate Hearings; Mills Responds  June 22, 2012: Universal To Respond To EU Letter of Objections By July 3 (Report) “While the hearing provided good theatre, what’s going on behind closed doors at the Federal Trade Commission and the EU Commission in the end will likely matter much more than what was said in Washington last week…” July 5, 2012: Universal Music Group to File Response to European Commission’s Statement of Objections Today July 11, 2012: Universal Music-EMI Deal Approved By Japanese Regulators  July 16, 2012: Universal Music May Divest Virgin Records, EMI Classics (Report)  July 16, 2012: Universal Music to Submit Divestment Package Within 24 Hours; May Offer to Sell Virgin, EMI Classics in Certain Territories  July 19, 2012: Universal Music Offers to Sell More Assets to Salvage EMI Deal July 20, 2012: Universal-EMI Divestment Package Expected to Be Complete by Monday, Possibly Sooner “Some contend that since the divestment package keeps growing as the negotiations continue, the acquisition ultimately could come at a cost beyond the $1.9 billion UMG agreed to pay for EMI.” July 27, 2012: UMG-EMI Divestment Package Revealed: Universal to Keep the Beatles July 30, 2012: A2IM Speaks Out Against Universal-EMI Merger Again, Even More Forcefully   August 10, 2012: Universal Music In Talks With EU on Adding Global Rights To Remedies Package For EMI Deal August 20, 2012: Universal-EMI Merger Approved By Canadian Regulators September 6, 2012: EU to Vote on Universal-EMI Deal Tomorrow, Outcome Uncertain: Sources September 13, 2012: Universal Music-EMI Deal Goes to EU Vote Next Week; FTC Decision by End of Month: Sources Sept. 21, 2012: Universal Music-EMI Deal Approved by European Union Sept. 21, 2012: FAQ on Approval of Universal Music – EMI Deal