Universal Music Group’s $775 million bid to acquire Downtown Music is now under investigation by European regulators. The European Commission has opened a formal antitrust investigation into Universal Music Group’s (UMG) proposed $775 million acquisition of Downtown Music Holdings, and it could have major consequences for the future of the global music industry. UMG, already the world’s largest music company, announced late last year that it planned to purchase Downtown Music through its subsidiary Virgin Music Group. The deal would bring Downtown’s services, spanning copyright management, royalty collection, marketing, and distribution for millions of creators, under UMG’s massive umbrella. Now,…