TOKYO, April 18 (UPI) -- Japanese electronics company Sony said it will furlough 60 percent of the staff at EMI Music Publishing if the deal passes regulatory scrutiny.
The European Commission is reviewing the $2.2 billion deal that will decide the fate of 1.3 million song titles that EMI owns.
The New York Times reported Wednesday that a review of a report given to investors revealed Sony's plans to cut 60 percent of EMI's staff to save $70 million in operating costs per year.
The note also said Sony plus EMI would create a firm that controlled 31 percent of the music publishing business, the Times said.
Both the European Commission and the U.S. Federal Trade Commission are looking over the deal. In addition, they are investigating Citigroup's proposed $1.9 billion deal to sell EMI's record labels to Universal Music Group.
Sony would not comment on the report given to investors and obtained by the Times.
The note said 152 people would be furloughed in the first year and 174 would be shifted to temporary work.
EMI currently has a workforce of 515, the newspaper said.
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