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2nd add UMG's challenge

HOW MUCH IS TOO MUCH? Aside from looking at whether the divestitures will be enough to secure regulatory approval, analysts will also be asking whether the divestments still make the deal worthwhile. "It is a question of whether the nature and scope of remedies that will be acceptable to the competition authority will still leave intact the commercial logic behind the deal," said London-based attorney Suzanne Rab. A total of 25 entities, including labels, publishers and private-equity groups, have expressed interest in buying EMI assets, a person familiar with the matter told Mock and Smith. (7/19a)

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THE NEXT GIANT DEAL
A&R in overdrive.
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