UMG's EMI Purchase Approved By U.S., European Regulators
The Federal Trade Commission and the European Commission have each approved Universal Music Group's $1.9 billion purchase of EMI Music. The approvals come after months of regulatory scrutiny and concessions on the part of Universal that included divestment of substantial portions of EMI's business, including the UK-based Parlophone Records label. The deal was previously approved in Australia, Canada, Japan, and New Zealand. In related news, following the approval, EMI CEO Roger Faxon and the label group's CFO Ruth Prior announced they would be leaving the company effective Sept. 28. (9/21)
BMI Revenue Down 3.5 Percent
For its fiscal year ended June 30, BMI reported a 3.5 percent drop in revenue to $898.8 million. BMI said a settlement with the terrestrial radio industry led to the drop. Discounting the settlement, the company reported a 4 percent revenue increase to $969 million.