Warner’s Bronfman vows to ‘fight’ EMI sale to Universal, Sony
Edgar Bronfman Jr., Warner Music Group’s former chief executive and outgoing chairman, said his company would oppose the sale of EMI Group to Warner’s two biggest rivals, saying the deals would reduce competition.
Bronfman himself had vied to buy EMI’s recorded music business last year, but was outbid by Universal Music Group’s $1.9-billion cash offer. EMI at the same time also agreed to sell its music publishing operation for $2.2 billion to a consortium of investors led by Sony ATV, a division of Sony Corp.
In a parting shot, Bronfman on Tuesday, his last day as chairman of Warner, told an audience at a media conference in Dana Point that EMI’s sale was “dangerous” because the concentration of market share would stifle innovation and reduce payments to musicians they represent. Bronfman said Warner would “fight tooth and nail” to convince antitrust regulators to stop the deals.
— Alex Pham, Los Angeles Times