FTC approves Sony's EMI deal

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Universal Music Group's planned $1.9 billion purchase of EMI's music labels is still under review by both the FTC and the European Commission.

The Universal-EMI deal, which would reduce the number of major worldwide labels from four to three, has attracted more attention from antitrust regulators. The Senate Judiciary Committee’s subcommittee on Antitrust, Competition Policy and Consumer Rights examined the deal in a hearing last week. 

EMI's old owner, Citigroup, agreed to sell off the divisions of the struggling music company last November.