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Sep 21, 2012 By Mike Hilleary

The country’s four biggest record labels - Sony Music Entertainment, EMI Group, Warner Music Group, and Universal Music Group - have been narrowed to three. The New York Times reports that the U.S. Federal Trade Commission and The European Commission have approved a merger between Universal and EMI, making Universal the world’s largest music company.

To meet anti-trust concerns Universal has agree to sell several of its imprints, including Parlophone and Mute. In the agreement all of the assets must be sold within the next six months. Though it will lose the rights to release music globally by artists such as Coldplay, Blur, Pink Floyd, David Bowie, Nick Cave, M83, Bat for Lashes, and others it will still hold the rights to The Beatles’ catalog as well as many others.

The Independent Music Companies Association (IMPALA), which represents European indie labels, has released a statement objecting the merger.