Universal's EMI gambit

[Commentary] Universal Music Group is the largest of the four major record companies, and its proposed purchase of EMI Music would make it even larger. With piracy rampant and a handful of big retailers responsible for much of the remaining sales, Universal argues that there's no harm in letting it swallow up EMI, by far the smallest of the major labels in the United States. But the online music stores and services such as Spotify that are helping the industry regain its footing could be harmed if the merger lets the newly combined companies command disproportionate licensing fees. That's why regulators should approach the deal with caution.