A group of over 200 people representing independent music companies is pushing back against a proposed acquisition of Downtown Music in a new open letter to the European Commission (EC) issued on Monday. IMPALA, a European trade group for independent music companies, issued the letter.
Virgin Music Group, a Universal Music Group (UMG) subsidiary, first floated the $775 million takeover of Downtown Music in December.
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“Across Europe, UMG already controls over 40% of the recorded music market,” the letter reads in part. “By absorbing Downtown’s distribution, royalty accounting, and rights management capabilities – services used by thousands of companies and artists across
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