Press Release: Mergers: Commission approves acquisition of Parlophone Label Group by the parent company of Warner Music Group

The European Commission has cleared under the EU Merger Regulation the proposed acquisition of the Parlophone Label Group ("PLG") by Access Industries Inc., the ultimate owner of Warner Music Group ("WMG"). The Commission's investigation confirmed that the proposed transaction would not raise competition concerns, in particular because following the acquisition, WMG will continue to face competition from the two remaining major music companies, namely Universal Music Group ("UMG") and Sony, as well as from independent music labels.