EC backs Universal takover of EMI

Coldplay, Kylie Minogue, David Bowie and other prestigious artists are set to leave EMI after Universal’s £1.2bn takeover was approved today on condition it sells several of the recording company’s labels.

The deal was backed by the European Commission (EC), which had been concerned that Universal would become too powerful if it swallowed EMI whole, on the basis that it loses EMI’s Parlophone label, home to Lily Allen, Blur and Pink Floyd.