Japan Says Yes to UMG

UMG-EMI BIG IN JAPAN: On the heels of receiving approval in New Zealand, Japanese regulatory authorities have given the green light to Universal Music Group’s purchase of EMI Music. “We can confirm that the Japanese Fair Trade Commission has unconditionally approved UMG’s proposed acquisition of EMI Recorded Music. We are continuing to work constructively with regulators in other jurisdictions, and look forward to clearance elsewhere in due course.” Japan is the world’s second largest recorded music market behind the U.S., so clearance by the JFTC is a significant step. Said a spokesman: "UMG’s primary intention is to rebuild and reinvest in the artists of EMI and attract new and fresh artistic talent, as well as better utilizing the back catalog for Japanese and global audiences." (7/11p)