Universal Music's Lucian Grainge Proposes 'Manifesto For New Music Industry'

Lucian Grainge has plans to sell assets, invest heavily in A&R, and keep EMI as intact as possible while trying to gain approval for Universal Music Group's proposed acquisition of EMI's recorded music division in both the U.S. and Europe, all while outlining what he calls a collaborative "manifesto for the new music industry," according to the Financial Times.

Universal, which received the European Commission's Statement of Objections to the merger last week, will need to assuage regulators' fears that its market share -- which could reportedly be higher than 50 percent in some markets, and may reach around 40 percent in the U.S. and Europe -- would violate antitrust laws, and would result in an unfair competitive market that would allow the major to dictate prices and handpick digital initiatives, all of which Grainge said Universal is willing to keep an "open mind" to.

source: billboard, cont.....

 

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