Financial Times FT.com

Universal offers sale to win bid backing

By Tobias Buck in Brussels

Published: March 15 2007 20:12 | Last updated: March 15 2007 20:12

Universal Music has told Europe’s top antitrust regulator that it is ready to divest a package of song rights to overcome reservations about the group’s €1.63bn ($2.2bn) bid to take over BMG’s music publishing business.

The world’s biggest music group has offered to sell the rights to songs by a wide range of artists including Bruce Springsteen, Britney Spears, the Backstreet Boys, Bryan Adams, the Stone Roses and the Spice Girls, according to people familiar with the case. The rights are held by Zomba and 19 Music, two BMG subsidiaries.

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