Warner Music confirms made preliminary approach to buy EMI |
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Published
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Tue, 20 Feb 2007 15:43
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LONDON (AFX) - Warner Music Group Corp confirmed EMI's earlier statement that it has made an approach about a possible acquisition of the UK company.Warner Music said it approached EMI on Jan 24 having obtained the support of the Independent Music Publishers and Labels Association for the merger. Under the agreement with the association Warner Music said it would, if the takeover went ahead, provide specified funding for the announced Merlin initiative, the new global digital rights licensing platform established by the independent music labels to represent the world's independent music sector and ensure the divesture of certain recorded music assets to keep the independent music sector competitive.In a statement Warner Music said it 'believes that there is a compelling strategic, commercial and financial logic in a combination of the two companies and that such a combination should maximize benefits for the shareholders of both companies.'newsdesk@afxnews.comrarCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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EMI Group reveals further takeover approach from Warner Music 