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WIN, A2IM, Secretly Group & More Call on Regulators to Block Virgin Music’s Downtown Acquisition
In a joint statement, the Worldwide Independent Network (WIN), the American Association of Independent Music (A2IM), and other industry organizations have spoken out against Universal Music Group’s planned acquisition of Virgin Music Group’s Downtown Records.
The groups claim that the deal would significantly harm competition in the music market, potentially resulting in reduced opportunities for independent labels and artists. The statement also raised concerns about the potential impact on artist rights and creative freedom.
“Allowing this merger to proceed without stringent conditions or remedies would exacerbate an already concentrated industry,” the joint statement read. “We urge regulators to scrutinize this deal and take necessary steps to protect the public interest.”
The proposed acquisition, if approved, would see Virgin Music Group’s Downtown Records become a subsidiary of Universal Music Group, further consolidating the major labels’ dominance in the market.
WIN, A2IM, and other groups are calling on regulatory bodies to intervene and block the deal.
Source: www.billboard.com
