EU OKs Universal, BMG Pub deal
EmptyLONDON - How close is Universal Music Group to winning regulatory approval to buy BMG Music Publishing? Just weeks away, apparently.
According to a report published by Bloomberg, the European Union anti-trust team scrutinizing the giant music publishing has given the green light.
The proposal is to be presented before the European Commission's competition authority in the coming weeks, according to the report.
UMG successfully bid on BMG Music Publishing in an invitation-only auction last year, offering €1.63 billion ($2.5 billion).
EU clearance is the last regulatory hurdle for the takeover, which was ok'ed by U.S. authorities in November 2006.
Sources have suggested a raft of assets could be spun off from the publishing groups, in a move to assuage European regulators.