Update: It seems like the deal is a, well, done deal. There seems to be a major holdup on the horizon: European indie label consortium Impala is vowing to block the deal, as they are demanding that any potential major label merger is indeed in violation of anti-trust laws.
This isn’t the first time Impala has stepped into the fray like this: Back in 2007, it very nearly blocked the merger of Sony and BMG’s publishing arms, demaning investigations and consideration of the merger. Sony and BMG eventually didn’t merge for other reasons, but many say Impala helped block the merger. So when Impala, which has a board meeting this month, “vows to block EMI acquistion,” the companies buying EMI should be worried.
Previously: Despite reports earlier this week that said the sale might be stalled, EMI is close to being sold, as Citigroup apparently has offers for both arms of the company, totaling $4.1 billion.
According to a variety of sources, Universal is going to be buying the current music label arm of EMI, purchasing it for $1.9 billion. Meanwhile, Sony is buying the publishing arm of EMI for $2.2 million. The sale, barring any holdups, is expected to be announced sometime this weekend.
The big holdup could be potential anti-trust cases, since any label that buys EMI would be close to being a monopoly. [DS]