Billboard has picked up Lucian Grainge's prepared testimony, in which he says:

"With Universal's infusion of resources and commitment to investing in artistic development, there will be a healthy future for the company.

"We are absolutely committed to investing in EMI as a distinct business that can help us develop even more music and more choice for consumers and fans everywhere. EMI's labels will be reinvigorated and artists will have more choices, which will lead to more competition in this ...