Universal declines oral hearing over EC’s Statement of Objectives

Universal will submit a response to the European Commission’s statement of objectives to its proposed EMI acquisition today in written form, declining the option of an oral hearing.

A Universal spokesperson told Music Week: “UMG is submitting a full and detailed written response to the European Commission and will continue to engage constructively with the Commission to satisfy any remaining concerns.”

People familiar with the situation have told Music Week that UMG will not be taking up the option of an oral hearing because it does not believe that the complex and detailed arguments and economics behind the acquisition are best served in an oral format.

Instead, the company feels it’s better done in a written format and through meetings with the competition authorities.

Reports this morning suggested that the European Commission had granted Universal an extension on the deadline for response, which people close to proceedings said was expected considering the complex nature of the matter.

Source: Music Week