The UK Government has expressed its view on Universal’s proposed £1.2 billion acquisition of EMI Music.
Speaking at UK Trade & Investment’s Creative Business Summit yesterday, secretary of State for Culture, Olympics, Media and Sport Jeremy Hunt welcomed foreign investment to the UK’s creative industries but turned to Brussels when it came to the UMG/EMI deal specifically.
When asked about his thoughts on EMI Music moving under UMG’s French parent company Vivendi, Hunt said, “We have always welcomed foreign investment in our creative industries in this country. We’ve always thought that it is a good thing not a bad thing.
“As far as the specific deal is concerned, that is a matter for the competition authorities and is being looked at in Europe.
“The purpose of a conference like this is because we want to say that we’re open for business to the whole world and we think that we’ve benefitted over very many years because of that investment.”
According to a leaked internal letter from EMI boss Roger Faxon, Universal will shed Parlophone in the UK as part of its proposed divestments in Europe but would keep hold of The Beatles catalogue as a group and solo artists.