Vivendi finalizes EMI acquisition by UMG with sale of ParlophonePrint More Sharing ServicesSend
(ENP Newswire Via Acquire Media NewsEdge) ENP Newswire - 08 February 2013
Release date- 07022013 - Vivendi and its subsidiary Universal Music Group (UMG) today announced a definitive agreement to sell Parlophone Label Group, a unit of EMI Recorded Music, to Warner Music Group for GBP487 million (around EUR570 million) in cash.
The sale represents the main part of the application of the regulatory undertakings to the European Commission agreed on September 21, 2012, within the conditions it set forth.
The acquisition of EMI Recorded Music reinforces UMG's position as the world's largest major with a market share of some 30 per cent today. As a result, UMG enlarges its presence in some sixty countries, particularly in the three main international music markets: United States, Japan and Germany. It also strengthens its availability on all digital platforms.
More than ever, UMG remains true to its vision to invest in talent, with a number of artists including Lady Gaga, Justin Bieber, The Beatles, Katy Perry, Lady Antebellum, The Beach Boys, Cecilia Bartoli or Maria Joao Pires. It covers a wide range of genres all over the world, offering consumers more music and choice.
Commenting on the agreement, Jean-Francois Dubos, Chairman of the Management Board of Vivendi, said: 'The acquisition of EMI Recorded Music is a major milestone for Vivendi. It significantly strengthens its ownership of exclusive music content and fosters the development of talent, while continuing to promote cultural diversity.'
Vivendi is at the hearts of the worlds of content, platforms and interactive networks. Vivendi combines the world leader in video games (Activision Blizzard), the world leader in music (Universal Music Group), the French leader in alternative telecoms (SFR), the Moroccan leader in telecoms (Maroc Telecom Group), the leading alternative broadband operator in Brazil (GVT) and the French leader in pay-TV (Canal+ Group). In 2011, Vivendi achieved revenues of EUR28.8 billion and adjusted net income of EUR2.95 billion. The Group has over 58,300 employees. www.vivendi.com
Disclaimer Forward Looking Statements. This press release contains forward-looking statements with respect to Vivendi's financial condition, results of operations, business, strategy and plans. Although Vivendi believes that such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside our control, including but not limited to the risks regarding antitrust and regulatory approvals in connection with the transaction described in this press release as well as the risks described in the documents Vivendi has filed with the Autorite des Marches Financiers (French securities regulator) and which are also available in English on our web site (www.vivendi.com).
Investors and security holders may obtain a free copy of documents filed by Vivendi with the Autorite des Marches Financiers at www.amf-france.org, or directly from Vivendi. The present forward-looking statements are made as of the date of this press release and Vivendi disclaims any intention or obligation to provide, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Unsponsored ADRs. Vivendi does not sponsor an American Depositary Receipt (ADR) facility in respect of its shares. Any ADR facility currently in existence is 'unsponsored' and has no ties whatsoever to Vivendi. Vivendi disclaims any liability in respect of such facility.
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