The New Zealand Commerce Commission has given the all clear to the Universal Music Group's $1.9 billion acquisition of EMI Music's recorded music divisions today.
As debate rages around the world the Commerce Commission's Chair Mark Berry says he is "satisfied" that the deal is "unlikely to substantially lessen competition in any of the affected markets".
In a media release the Commission said that they are "of the view that the merged entity would continue to face strong competition from other major record labels and independent record labels for the discovery and recording of artists, and the promotion and distribution of recorded music.
"In addition, in the markets for the wholesale supply of recorded music and the licensing or recorded music to third parties, the Commission considers that large retail customers would be able to prevent the merged entity from exercising any market power by restricting access to promotions or shelf space."
Universal is currently in the process of getting clearence for the deal around the world, with the matter going in front of a US Senate subcommitee yesterday and the European Commission currently awaiting a response to their list of concerns.
