UNIVERSAL MUSIC GROUP WELCOMES EUROPEAN COMMISSION CLEARANCE OF ITS BMG MUSIC PUBLISING ACQUISITION
NEW COMPANY COMBINES PREMIER WORLDWIDE PUBLISHERS AND CHART-TOPPING SONGWRITERS & COMPOSERS
Los Angeles, California, May 22, 2007 - Universal Music Group (UMG), the world’s leading music company, today welcomed the decision by the European Commission approving its acquisition of BMG Music Publishing. The positive decision by the European Commission follows extensive consultation with all parties involved and a full investigation into the competitive effects of the acquisition. UMG had already received clearance in the United States and Australia, and closure of the deal is expected shortly. The acquisition will result in UMG becoming the largest music publishing company in the world.
“We are delighted that the European Commission has approved our acquisition of BMG Music Publishing,” stated Doug Morris, Chairman and Chief Executive Officer of Universal Music Group. “This is an historic moment for us as we combine the best creative and strategic assets of these two very accomplished publishing businesses.”
“We commend the European Commission for its painstakingly careful and thoughtful analysis that resulted in their clearing our acquisition of BMG Music Publishing today,” commented Zach Horowitz, President & Chief Operating Officer of Universal Music Group. “This transaction will enable us to provide even better service to our songwriters, artists and business partners. We now look forward to closing the deal as quickly as possible so that we might focus on the successful integration of both companies.”
As a result of the transaction, Universal Music Publishing Group will divest certain assets including the European rights to such catalogs as Rondor UK, Zomba UK and Zomba US. The company, however, will retain the rights to represent these catalogs in the United States and rest of the world outside of Europe.
Upon closure of the acquisition, the combined company will operate under the Universal Music Publishing Group brand and will be led by David Renzer, its current Chairman & Chief Executive Office. Mr. Renzer will continue to be based in Los Angeles, CA, and report to Mr. Horowitz.
The combined company will include a roster of both local and international chart-topping songwriters and composers, as well as a vast catalog that comprises some of the most important recordings in history. These include Mariah Carey, Paul Simon, Prince, Ludacris, Dave Grohl, Justin Timberlake, Maroon 5, Michel Sardou, Alejandro Lerner, U2, Shania Twain, Christina Aguilera, Anastasia, The Killers, Franz Ferdinand, 50 Cent, Mary J. Blige, R Kelly, No Doubt, Gloria and Emilio Estefan, and the catalogs of Elton John, Barry Manilow, Henry Mancini, Gilbert Becaud, Leonard Bernstein, The Scorpions, Puccini and Ravel, among many others.
About Universal Music Group
Universal Music Group is the world’s leading music company with wholly owned record operations or licensees in 77 countries.
Universal Music Group consists of record labels Decca Music Group, Deutsche Grammophon, Interscope Geffen A&M Records, Geffen Records, Island Def Jam Music Group, Lost Highway Records, MCA Nashville, Mercury Nashville, Mercury Records, Philips, Polydor Records, Universal Music Latino, Universal Motown Records Group, Universal South Records and Verve Music Group as well as a multitude of record labels owned or distributed by its record company subsidiaries around the world. The Universal Music Group owns the most extensive catalog of music in the industry, which is marketed through two distinct divisions, Universal Music Enterprises (in the U.S.) and Universal Strategic Marketing (outside the U.S.). Universal Music Group also includes eLabs, a new media and technologies division, and Universal Music Mobile.
Universal Music Group is a unit of Vivendi, a global media and communications company.