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Over 200 Indies Including Beggars, Secretly Sign Letter Against Universal’s Downtown Music Acquisition
Over 200 independent companies have signed a letter against Universal's acquisition of Downtown Music.
“By absorbing Downtown’s distribution, royalty accounting, and rights management capabilities – services used by thousands of companies and artists across the independent sector – UMG would further entrench its already significant market power.” As such, the Monday letter urges “the European Commission to open a detailed phase two investigation to examine the deeper structural consequences of this transaction. The proposed acquisition poses a clear threat to effective competition, innovation, and the growth of the music industry across the EU and globally.”
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