Vivendi SA (VIV)’s Universal Music Group sold its European rights to the Now! compilation series to Sony Music Entertainment in the final step of the asset sales required by regulators to approve its purchase of EMI Group. (EMIS)
Universal Music didn’t disclose the financial details on the sale in an e-mailed statement today announcing the deal.
The sale “demonstrates the value we have been able to unlock through the targeted divestment of quality assets,” Universal Music Group International Chief Operating Officer Max Hole said in the statement.
The agreement, valued at about 40 million pounds ($60.5 million), is among asset sales required by European regulators after Universal Music’s acquisition of EMI, according to a person with knowledge of the transaction before it was made public.
Universal Music won European Union approval to take over the recorded-music business of EMI in September after pledging to sell about a third of the London-based company’s assets to cut the combined group’s market share.
To contact the reporter on this story: Kristen Schweizer in London at firstname.lastname@example.org
To contact the editor responsible for this story: Kenneth Wong at email@example.com