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[BMG press release]
Bertelsmann welcomes today’s decision of the European Commission to approve the joint venture of the recorded music businesses of BMG and Sony Music Entertainment.
This positive decision follows extensive consultation with all parties involved and a full investigation into the competitive effects of the deal.
Rolf Schmidt-Holtz, Chairman and CEO of BMG said: “Over the course of the European Commission’s investigations, we have had a constructive and detailed debate about the future of the industry. We are delighted that the European Commission has decided to approve the creation of Sony BMG without imposing any conditions. We now look forward to completing the deal and concentrating on the successful integration of the two companies.”
Gunter Thielen, Chairman and CEO of Bertelsmann AG, said: “This is an important moment for both our music business and for Bertelsmann. The joint venture will create a recorded music business better able to serve artists and consumers in this rapidly changing marketplace. Upon completion of the joint venture, Bertelsmann will enjoy important market positions in all its core businesses.”
BMG and Sony are now working closely with the U.S. Federal Trade Commission and are optimistic that final action will be forthcoming in the very near future.
