California Looking Into EMI Sale

EMI SALE UNDER CALI SCRUTINY: California Attorney General Kamala Harris is looking into the planned sale of EMI's recorded music and publishing companies to UMG and Sony/ATV, respectively, according to Bloomberg News. Harris’ office has been in contact with people and companies likely to be affected by the deal with regard to pricing and possible antitrust issues. Both UMG and Sony/ATV have recently taken steps toward regulatory approval by divesting some properties. UMG is planning to sell three of its music publishing catalogs to finance the acquisition, while Sony investors have also offered unspecified concessions to the European Union to ease the path to getting its OK. The European Commission recently announced a Phase II of its investigation into the UMG-EMI deal which will wrap in August. (3/28p)