Sony Music Entertainment's $2 billion purchase of EMI's Music Publishing arm has been approved in the United States by the Federal Trade Commission, clearing the final hurdle needed to complete the deal; the European Commission approved the deal in April. The New York Times reports on the complexities of the sale, in which Sony will have to keep EMI a separate entity:
"Because of Sony's joint venture with the Michael Jackson estate for its existing publishing arm, Sony/ATV, it must maintain EMI as a separate company. And while Sony/ATV will administer the EMI catalog, Sony and the Jackson estate will own only 38 percent of it.
The other investors are the sovereign wealth fund Mubadala of Abu Dhabi; Jynwel Capital of Hong Kong; Blackstone's GSO Capital Partners; and the Hollywood mogul David Geffen."
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