What a difference four years makes.

In 2012, the European Commission made Sony jump through hoops to purchase EMI for $2.2 billion, requiring it to spin-off Virgin and Famous Music catalogs, which competitor BMG happily bought up. 

Today, the Commission gives a green light with no conditions and the US Federal Trade Commissions is expected to follow suit.

This is a disappointment to smaller publishers who might have bid for spun off assets. It also either signals a decline in the value of publishing assets generally, or it shows that Sony/ATV got a relative bargain at $750 Million for half of the company.

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