![European Indie Trade Groups Call on Regulators to Investigate UMG’s Acquisition of [PIAS]](https://i.headtopics.com/images/2024/10/18/billboard/european-indie-trade-groups-call-on-regulators-to-european-indie-trade-groups-call-on-regulators-to-24484D11B8A20F9A27D303F55F5392CB.webp)
Of UMG's [PIAS] acquisition, European trade groups want an investigation, saying the deal represents “unchecked concentration in the music market.'
LONDON – Independent labels trade body IMPALA is calling on regulators to investigate Universal Music Group’s acquisition of over concerns that the deal restricts competition in the global record business and “narrows options for artists and labels.” in the indie label group to Universal Music Group , which already owns a 49% stake in the company, for an undisclosed sum.
“The bottom line is UMG’s acquisition of will increase the power of across Europe and beyond, including the U.K. and the USA, and IMPALA expects regulators in these jurisdictions to take action,” said the Brussels-based organization, which represents over 6,000 indie music companies in Europe, in a press release on Friday .
Those restrictions were placed on UMG in 2012 by the European Commission as one of the conditions of the company’s $1.9 billion takeover of EMI going ahead. As part of that process, the European Union’s executive branch forced UMG to divest the Parlophone Label Group, which was bought by Warner Music Group for around $750 million, as well as the offloading of numerous EMI entities in Europe, and the Chrysalis, Mute, Sanctuary and Co-op Music labels.
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