WSJ on UMG's challenge as deadline looms

NOT IF, JUST WHEN—AND HOW MUCH: In their latest coverage of UMG’s redoubled efforts to come up with a concessions package that will satisfy the EC (see story), Wall Street Journal media reporters Vanessa Mock and Ethan Smith echoed the words of our own I.B. Bad when they wrote, “A deal is unlikely to be blocked, even though it could come with strict conditions. The commission has only rarely blocked mergers in the past.” As they point out, however, Universal may need more time to cobble together a viable offer to gain approval for its proposed acquisition of EMI Music. The company had been expected to put forward a package of divestments by today, two days later than initially planned, but this time-consuming process now looks like it could continue into the weekend, as UMG wrestles with the question of how to pare its European marketshare down below 40%. (7/19a)