Universal Music Group has reportedly offered to sell most of EMI's Parlophone label in an effort to gain regulatory approval from the European Union for its expected $1.9 billion buyout of EMI, according to the Financial Times. Vivendi, which owns UMG, is looking to sell Parlophone, EMI's most valuable label, while keeping its top acts, including the Beatles. Parlophone's roster also includes Coldplay, Blur, the Chemical Brothers, Queen and more. Sources claim UMG would keep Virgin Records, while selling the Chrysalis label (except for Robbie Williams), along with EMI Classics, Mute, Sanctuary, German jazz label MPS Records and EMI offshoots in France, Norway, Sweden, Poland and the Czech Republic.
The European Commission had previously warned UMG that its proposed takeover of EMI poses a serious threat to competition, with regulators suggesting they might veto the buyout without concessions from UMG. UMG submitted proposals to the EU today. The Commission will make a ruling by September 27th. Virgin Records founder Richard Branson, Mute founder Daniel Miller and Sony Music's Patrick Zelnick are reportedly among interested buyers.
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