Sony Corp.’s planned purchase of the late Michael Jackson’s stake in a heavyweight music-publishing business is drawing opposition from rival music companies asking European regulators to intervene, according to people familiar with the matter.
Warner Music Group and a group of independent record labels have approached the European Commission, saying the $750 million agreement would give Sony too much power over pricing and deal terms, according to people familiar with the matter who asked not to be named discussing private conversations. Bertelsmann’s BMG Rights Management is considering contacting the commission with similar complaints, another person said.
