The Federal Trade Commission on Friday cleared the $1.9 billion merger between Universal Music Group and EMI Recorded Music without conditions, determining that the combination of the first- and fourth-largest music companies in the world would not substantially lessen competition.
Earlier today, regulators in the European Union also approved the deal. However, they required Universal, which is owned by Vivendi S.A., to sell major assets including its Parlophone label, home to artists such as Coldplay and David Bowie – though it got to keep The Beatles catalogue.
