UMG Submits Formal Divestment Plan

Universal Music Group has provided a formal divestment plan to the European Commission aimed at winning approval of its acquisition of EMI Music, according to a report. Details of the plan were not revealed, but has also reported that BMG Rights Management is in talks with UMG to acquire EMI's Parlophone label, which is home to acts such as Coldplay, Kylie Minogue and the Beatles, though sources say the Beatles catalogue would not likely be part of the deal. Earlier reports had UMG divesting the Virgin Records America and EMI Classics labels. The next step is for the commission to market test the proposal with UMG competitors, which could begin as early as today. (7/27)

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