Music Industry News Network [05-20-2013]

IMPALA Statement On The EC Approval Of The Sale Of Parlophone To Warner Music Group

MI2N www.mi2n.com
The European Commission gave its regulatory approval of the sale of the Parlophone Group (PLG) to Warner Music Group (WMG).

Officially recognising the role of IMPALA and Merlin's agreement in strengthening the independent sector, the EC regulator has now competed its review process concerning the sale of EMI.

IMPALA and Merlin will continue to implement their agreement with WMG, including a series of measures designed to strengthen the sector as announced on 19 February.

The agreement will allow independent record labels that are members of IMPALA and/or Merlin to buy, license or distribute a significant portion of PLG assets or their equivalent in WMG-owned assets.

It will also, via strong behavioural commitments and capacity-building intiatives from WMG, help to rebalance the recorded music market dominated by the stronger than ever duopoly made of Universal and Sony Music.

Helen Smith, Executive chair, IMPALA, commented: "This marks the beginning of a new chapter for independent labels and their artists."

Source: http://www.mi2n.com/press.php3?press_nb=164381

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