European regulators have approved the acquisition of the Co-operative Music distribution and marketing business by rivals [PIAS], according to Music Week.
Co-operative Music was originally the label services business of the V2 label that was, and became part of Universal Music when the major acquired the V2 Europe business in 2007. Universal then committed to sell Co-operative Music as part of its agreement with the EC competition regulator to get the green light for its acquisition of the EMI record company.
[PIAS] was expected to bid for Co-operative Music as soon as Universal’s EMI deal and resulting remedies were confirmed, though it was one of the last of the post-EMI sell-offs to be confirmed last month. All of Universal’s EMI divestments, including the sale of the Parlophone Label Group to Warner, require EC approval.
The [PIAS]/Co-op deal is thought to be worth £500,000, and also gives the independent music firm ownership of what remains of the old V2 label (which isn’t much).