BRUSSELS (Reuters) -EU antitrust regulators have resumed their investigation into Universal Music Group unit Virgin Music Group’s $775-million bid for Downtown Music with a new deadline of February 6 for their decision, according to an update on the European Commission website.
The EU competition watchdog, which halted its scrutiny on September 2 while waiting for the companies to provide requested information, restarted the process on October 17.
It has said the deal may hamper competition and remove an important player, echoing concerns from independent labels which want the acquisition to be blocked.
Universal said that “this deal is about offering independent music entrepreneurs access to world-class tools and support to help them succeed”.
A spokesperson said that Universal was “confident that the Commission will recognise the benefits of the transaction for artists, labels, and independent music in Europe, and clear the transaction”.
(Reporting by Foo Yun Che; Editing by Tomasz Janowski and Emelia Sithole-Matarise)
