British music group EMI said on Thursday that it would not pursue its proposed takeover of United States rival Warner Music “for the time being”.
EMI said that the decision followed a move by the European Union’s second-highest court to annul the European Commission’s approval of the mega music merger which was to create Sony BMG.
“Against this background, the board of EMI has decided not to pursue a combination with Warner Music for the time being,” the company said in an official statement to the London Stock Exchange.
“The board will review this position in the light of future developments.”
EMI and Warner Music have both tabled and rejected takeover bids of around £2,5-billion ($4,6-billion) for each other in recent months.
A combination of EMI and Warner would have created the world’s third-biggest music company behind Universal Music and Sony, and would count Coldplay, Madonna, Eric Clapton, Eminem and Scissor Sisters among its roster of artists. – AFP