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Sony wins unconditional EU approval for Michael Jackson deal

Reuters
U.S. pop star Michael Jackson gestures during a news conference at the O2 Arena in London March 5, 2009. REUTERS/Stefan Wermuth/Files

BRUSSELS (Reuters) - EU antitrust regulators on Monday cleared Sony Corp's bid to buy out Michael Jackson's stake in its music publishing joint venture, the world's largest with copyrights to the Beatles' songs and songs by Taylor Swift.

The European Commission said deal would not hurt competition in the recorded music and music publishing industries.

"The transaction will not materially increase Sony's market power vis-a-vis digital music providers compared to the situation prior to the merger," the EU competition enforcer said in a statement.

Rival Warner Music Group and independent labels had called the Commission to take a tough line with the deal because they feared it would give Sony too much power.

(Reporting by Foo Yun Chee. Editing by Jane Merriman)