The world’s largest recording group, Universal Music Group, has offered to sell music assets and accept behavioural commitments to obtain the European Commission’s (EC) approval for its £1.2 billion purchase of EMI Music after a first proposal was rejected. Universal, owned by French group Vivendi, is currently discussing the terms of the offer with Director-General of Competition. The EC is concerned the deal would reinforce the dominant position of Universal, which will account for more than 40 per cent of the European market for the wholesale of physical and digital recorded music. Universal’s acquisition is part of a wider spin-off of EMI’s business by investment bank Citigroup, which took over from its previous owner, private equity company Terra Firma. Under the deal, Universal will buy the rights to many of EMI’s large music catalogues, which include Virgin Records, Chrysalis UK and Ensign.