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UMG’s $775 Million Deal for Downtown Faces Scrutiny From European Commission
UMG's deal to buy Downtown Music Holdings is under European Commission investigation.
The investigation will determine whether “the transaction threatens to significantly affect competition in certain markets of the music value chain, where both companies are active, in Austria and in the Netherlands,” which requested the probe, according to an announcement by the EC. New York-based Downtown is the owner of the direct-to-creator distributor CD Baby, and the direct-to-business technology and distribution platform FUGA, the administration business SongTrust, and royalty and financial services companies, including Curve. The fast-growing sector of the music business serving artists and companies that want to maintain greater control of their works has seen a flurry of investment and acquisitions in recent years.
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