During a time when big label record companies are finally being mitigated, Universal and Sony are attempting to take another shot at a monopoly. Vivendi/Universal music group has just bought out EMI’s music devision from CityGroup for a reported $1.91 billion. The other part of EMI (EMI Publishing group) was sold to Sony. Though Mick Jagger is optimistic about the merger, saying, “”This is a very positive development and I particularly welcome the fact that EMI will once again be owned by people who really do have music in their blood,” it seems that the merger is could be detrimental to the rising independant music industry.
Independant record Labels 4AD, Metador, and others have lodged a complaint against the merger to the European Commission saying that if this deal is to go through it could cause an unethical monopoly.
EMI, which is known as the label that signed the Beatles and numerous other major acts, is likely to now be consumed in a couple different massive conglomerates.