Universal submits remedy to EU's objections over Downtown deal

BRUSSELS, Dec 12 (Reuters) – Universal Music said on Friday it has submitted a remedy to address competition concerns from the European Commission over the group's $775-million takeover of Downtown Music. "Following constructive conversations with the European Commission, we have submitted a robust remedy that comprehensively addresses the Commission's only remaining concern," the company said in a statement. "This deal is about offering independent music entrepreneurs access to world-class tools and support to help them succeed. We are confident that the Commission will recognize the benefits .. and clear the transaction swiftly." (Reporting by Yun Chee Foo, writing by Louise Breusch Rasmussen, editing by Bart Meijer)

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