Universal submits remedy to EU's objections over Downtown deal

BRUSSELS, Dec ⁠12 (Reuters) - Universal ⁠Music ‍said on Friday it has submitted a remedy to address ‍competition concerns from the European Commission ​over the group's $775-million takeover of Downtown Music.

The ​Commission last month objected to the deal, saying it was concerned UMG could gain access ​to commercially sensitive data that is stored and processed by Downtown, ​which could limit competition from other labels.

UMG said in ‌a statement on Friday it had submitted the remedy following constructive ​conversations with the ⁠Commission.

"We have submitted a robust remedy that comprehensively addresses the ‌Commission's only remaining concern," it said in a statement.

"This deal is about offering ‌independent music entrepreneurs access to world-class tools ‌and support to help them succeed. We are confident that the Commission will recognize the ‍benefits .. and clear the transaction swiftly."

Independent labels have criticised the ⁠acquisition and even called for it to be blocked.

(Reporting by Yun Chee Foo, writing by Louise Breusch Rasmussen, editing by Bart Meijer)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Iran urges US to comply with interim deal after Trump threatens further strikes
• New foreign investment in Mexico stalls as companies fret over USMCA uncertainty
• In Serbia's scorched dunes, foresters plan for an even hotter future