Universal Sells EMI Stake in Popular Music Series

The Universal Music Group has made the last of the divestitures ordered by European regulators as part of its $1.9 billion purchase of EMI’s recorded music division, closing a drawn-out process but significantly lowering Universal’s cost in the deal.

Universal sold EMI’s share of the long-running pop compilation series “Now That’s What I Call Music!” to Sony Music. The price was not disclosed, but it has been reported at about $60 million. Universal will retain its share of the “Now” brand, a joint venture by Sony, EMI and Universal, which began in Britain in 1983 and came to the United States in 1998. The series has sold more than 200 million albums around the world. Universal, now by far the world’s largest music company, made its deal for EMI in November 2011 with Citigroup.