Music

EMI bought by Sony and Universal, reducing the music market to three major labels

by Tyler Munro

After years of mismanagement and mass publicized financial troubles, Billboard reports today that EMI has been bought by two of its biggest competitors.

Vivendi-owned Universal Music Group has seized control of EMI’s recorded music division while Sony now owns its publishing division. With the sale now over, the music industry is reduced to only three major companies (Warner being the third), a pretty troubling sign in an era becoming increasingly defined by divisions of wealth and corporate monopolies.

For their part, Vivendi says they’ll respect each of EMI’s labels and artists, adding that “they will find within our Group a safe, long-term home, headquartered in Europe.”

“This is a very positive development and I particularly welcome the fact that EMI will once again be owned by people who really do have music in their blood,” said Mick Jagger in a statement released today.