Add the world’s biggest record label to the list of companies standing up to Amazon.com Inc.
Vivendi SA’s Universal Music Group won approval from the U.S. Federal Trade Commission for its purchase of the recorded-music business of EMI Group, best known as the record label of the Beatles.
EMI, the record label of the Beatles, known more recently for debt and disposals, may become even smaller than buyer Universal Music Group has proposed, as competitors say suggested cuts don’t go far enough.
Amazon.com Inc. introduced advertising-free music streaming with more than a million songs, ramping up competition against Apple Inc., Spotify Ltd. and Pandora Media Inc.
Universal Music Group agreed to settle a lawsuit brought by the Detroit producers who helped start rapper Eminem’s career over royalties from Apple Inc.’s iTunes and mobile-phone ringtones.
Universal Music Group hired Gee Roberson, manager of rap artists including Kanye West and Nicki Minaj, to restart the company’s Geffen Records.
"Our investment in EMI will create more opportunities for new and established artists, expand music output and consumer choice, and support new digital services."
- Universal Music on Sep 21, 2012