Sony Music buys EMI’s Now! stake in Europe

EMI Recorded Music’s European rights in the Now That’s What I Call Music! compilation series – which amount to around 50% of the total copyright – have been sold by Universal Music Group to Sony Music Entertainment.

The deal is believed to have cost Sony around £40m.

The agreement, which was originally announced on Wednesday, February 27, 2013, was subject to regulatory approval, which has now been granted.

UMG retains its pre-existing rights – which also amount to around 50% – to the highly successful compilation series in Europe and acquires EMI Recorded Music’s rights outside of the EU.

The sale follows the approval of UMG’s £1.2 billion acquisition of EMI Recorded Music by the European Commission in September 2012.Music Business Worldwide

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