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Impala and Warner's amazing trade-off has many benefits, but also throws up many questions
This business never fails to surprise, does it?
Of all the allies that Warner might have chosen in its renewed bid to acquire EMI, who would have bet on the independent labels' association Impala?
This is, of course, the same Impala which has objected to an EMI-Warner conglomeration for the past seven years. And the same Impala which appealed against the Sony BMG merger decision, forcing a legal process that saw it thrown back to the EC for further scrutiny.
Some might suggest that Frenchman Patrick Zelnik - the architect of the Impala deal - could have invented the phrase "volte face" for such a sequence of events.
Although, to be fair to the indies, their objection to mergers has consistently been accompanied by the caveat "unless remedies are delivered". And Impala's Warner deal is all about delivering those remedies.
The key remedy is the major's agreement to sell parts of any merged EMI- Warner - and Impala's involvement in approving that process.