BRUSSELS, April 19 (KUNA) -- The European Commission Thursday announced that it has cleared the proposed joint acquisition of the music publishing business of EMI Group, a British company, by Sony Corporation, of the USA, and Mubadala Development Company, an investment fund based in the United Arab Emirates.

EU Commissioner for competition policy Joaquin Almunia said in press statements that "Sony and Mubadala have offered to divest valuable and attractive catalogues containing bestselling titles as well as works of successful and promising authors".

"I am therefore satisfied that the competitive dynamics in the online music publishing business will be maintained so as to ensure consumer choice and cultural diversity," he added.

Sony Corporation of America, the US subsidiary of Sony Corporation, headquartered in Japan, is a leading player in the music recording business.

Mubadala Development Company, wholly owned by the Government of the Emirate of Abu Dhabi in the United Arab Emirates, is a public joint stock company focused on investment and development.

The target business consists of the worldwide music publishing activities of the EMI Group.

The London-based EMI group is a leading player in the music industry.