The UMG-EMI Merger And The Substitutability Of Sound

Law360, New York (May 18, 2012, 2:44 PM ET) -- Antitrust law and copyright law are two sides of the same coin: two different approaches designed to maximize consumer welfare. At the risk of oversimplifying each, antitrust limits unlawful monopolies; copyright lawfully allows limited monopolies.[1] 

These complementary pillars of law have met thousands of times before, and meet again with Universal Music Group’s intended purchase of EMI’s recorded-music business. Critics of the deal cite increased anti-competitive risks given the expected market share that a combined UMG-EMI entity would hold.[2] Supporters sing of efficiencies. The resolution rests...
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