Sony confirms EU approval of merger with Bertelsmann
AFP, Tokyo
Sony confirmed Tuesday that the European Commission has unconditionally approved its planned merger with the music arm of Germany's Bertelsmann, saying the tie-up will create the world's second largest music group after Universal Music. "We appreciate the European Commission's diligence in reviewing all of the various aspects of the joint venture," Sony Music Entertainment Chief Executive Officer Andrew Lack said in a statement issued after the companies were notified of the Commission's green light. "We're also pleased that they have recognized that the creation of Sony BMG is an appropriate and necessary response to current market conditions," Lack said.
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