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Universal proposes to shed key EMI labels
Universal proposes to shed key EMI labels

Universal Music Group has submitted a proposal to the European Commission to sell off major assets in exchange for regulatory approval for its proposed $1.9 billion acquisition of EMI Recorded Music, the company said. Because the deal would reduce the number of major record labels to three from four, regulators around the globe have launched antitrust reviews to determine whether the combined company would wield too much market power. To appease European Union officials, who have insisted that Universal's market share not exceed 40% in any EU country, the Los Angeles music giant has devised a plan to sell off key properties.  Roger Faxon, EMI's chief executive, on Friday...

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