Law of the Netherlands in the context of "Universal Music"


Law of the Netherlands in the context of "Universal Music"

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⭐ Core Definition: Law of the Netherlands

The Netherlands uses civil law. The role of case law is small in theory, although, in practice, it is impossible to understand the law in many fields without considering the relevant case law. The Dutch law system is based on the French Civil Code with some influence from Roman-Dutch law (which it replaced) and pre-codal customary law. The German Bürgerliches Gesetzbuch heavily influenced the new Civil Code (which went into force in 1992).

The primary law-making body is formed by the Dutch parliament in cooperation with the government, operating jointly to create laws that are commonly referred to as the legislature (Dutch: wetgever). The power to make new laws can be delegated to lower governments or specific organs of the State, but only for a prescribed purpose. A trend in recent years has been for parliament and the government to create "framework laws" and delegate the creation of detailed rules to ministers or lower governments (e.g., a province or municipality).

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👉 Law of the Netherlands in the context of Universal Music

Universal Music Group N.V. (often abbreviated as UMG and referred to as Universal Music Group or Universal Music) is a Dutch-American music corporation under Dutch law. UMG's corporate headquarters are located in Hilversum, Netherlands, and its operational headquarters are located in Santa Monica, California. The biggest music company in the world, it is one of the "Big Three" record labels, along with Sony Music Entertainment and Warner Music Group. Tencent acquired ten percent of Universal Music Group in March 2020 for €3 billion and acquired an additional ten percent stake in January 2021. Pershing Square Holdings later acquired ten percent of UMG before its IPO on the Euronext Amsterdam stock exchange. The French Bolloré family still owns 28 percent of UMG (18 percent directly, and ten percent through Vivendi, formerly Vivendi Universal, the Bolloré family's investment company). The company went public on September 21, 2021, at a valuation of €46 billion.

As of April 2024, UMG's catalogue includes over three million recordings and four million compositions.

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