EMI-Universal deal cleared by European Commission

The assets to be sold off include the Parlophone label, which is home to groups such as Coldplay and Blur.

In November, EMI agreed to sell its recorded music unit for £1.2bn ($1.9bn) to Universal.

But the commission was concerned that the sale could reduce competition and launched an investigation.

EMI, with a history dating back to 1897, is home to artists including the Beatles and Pink Floyd.

Universal is a unit of French media giant Vivendi.

Source & Image : BBC