Following an in-depth investigation, the European Commission has approved the proposed acquisition of EMI’s recorded music business by Universal Music Group, subject to the divestment of EMI’s Parlophone label and other music assets. The Commission’s analysis primarily focused on the impact of the transaction on the bargaining power of the combined entity with respect to the digital platforms that sell music online. During the investigation, the Commission collected and analyzed economic data from market participants to determine the extent to which the increased size of the combined entity may affect the terms it negotiates with its customers.
A team including Raphaël De Coninck, Damien Neven, Hans Zenger, Ian Small, Dan Donath, Diana Jackson, and Rebecca Fordham advised Universal throughout the European Commission proceedings.
Imperfect Price Information, Market Power, and Tax Pass-Through
Pass-through determines how consumers respond to taxes. In a recent working paper, we investigate the impact of imperfect price information on pass-through of...