UMG-EMI The Clock Starts Ticking

THEY'RE ON THE CLOCK: Amid protests from both Warner Music Group and European indie label coalition IMPALA, Universal Music Group officially submitted its $1.9 billion merger application with the European Commission last Friday (2/17). Sony, which led an investment consortium in a $2.2 billion offer for EMI’s music publishing. is expected to submit its filing soon. In a statement, Universal said it would “work closely with the commission and remain confident of securing clearance.” According to the N.Y. Post, Lucian Grainge’s gamble means, should the Universal-EMI combination be blocked on regulatory grounds and Citigroup be forced to re-sell EMI recorded music at a lower price, Universal would have to make up the difference, which could amount to several hundred million dollars. (2/21p)