Japan, the world's second biggest music market, has given the Universal Music Group ''unconditional' ' approval for their planned acquisition of EMI Music's recorded music division.
Following in the footsteps of New Zealand, Vivendi-owned UMG confirmed the news today. In a statement they said, "We can confirm that the Japanese Fair Trade Commission has unconditionally approved UMG's proposed acquisition of EMI Recorded Music. We are continuing to work constructively with regulators in other jurisdictions and look forward to clearance elsewhere in due course."
The news is a boost for Universal who are still yet to clear the final hurdles of the European Commission and American Senate Hearings, which are required for the deal to go through.
According to the Hollywood Reporter, the decision to approval the deal is not surprising given the combined UMG and EMI market share in Japan is approximately 30 percent, less than elsewhere around the world.
It is believed that UMG are currently in discussions with the Euro Commission regarding concessions the company could make to ensure the deal is approved.
