Parlophone Label Group sold to Warner Music for £487 million

Parlophone Label Group, the company formed to control those EMI businesses Universal was forced to put up for sale by competition regulators last year, has been sold to Warner Music for £487 million.

Len Blavatnik, Chairman and founder of Warner Music owner Access Industries, told CMU: “This is a very important milestone for Warner Music, reflecting our commitment to artist development by strengthening our worldwide roster, global footprint and executive talent”.

Stephen Cooper, CEO of Warner Music Group, added: “Having the Parlophone Label Group become part of our family represents a unique opportunity for us to join with legendary record labels and artists that are highly complementary to our existing organization from a creative, geographic and strategic standpoint. We are committed to making this a great outcome for Parlophone’s artists and employees, who will find in WMG a similar spirit and culture that is dedicated to providing the most supportive and innovative home for recording artists. The continuation of the Parlophone legacy and brand are central to the future success of this combination, and we are proud to have them join us”.

Meanwhile, Universal Chairman and CEO Lucian Grainge said: “Following this transaction, we will continue with our global reinvestment program that is rebuilding EMI and ensuring that the company is able to reach its full potential. And we’re satisfied that our agreement with Warner Music will provide a home for PLG artists”.

Various bids came in for PLG, with the deadline coming late last month, including proposed purchases from Sony Music and BMG, a Simon Fuller-led consortium, also backed by Island Records founder Chris Blackwell and RIT Capital Partners, and Ronald Perelman’s investment company MacAndrews & Forbes.

Sections: EMI Sale Timeline - Music Business - Top Stories | Tags: EMI, Parlophone Labal Group, Universal Music, Warner Music

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Thursday 7 February 2013, 16:34 | By CMU Editorial

Parlophone Label Group sold to Warner Music for £487 million

Also from CMU...

More finance firms linked to Fuller’s Parlophone bidThe Simon Fuller led bid to buy the Parlophone Music Group continues to garner the most interest, following the news last week that nine parties had submitted initial offers for...

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Universal completes EMI acquisition, all eyes now on the Parlophone Label GroupAs expected, the Universal Music Group completed its acquisition of the EMI record company on Friday, bringing to an end nearly a year of negotiations with regulators in Europe and...

As expected, the Universal Music Group completed its acquisition of the EMI record company on Friday, bringing to an end nearly a year of negotiations with regulators in Europe and...

Warner owners now only considering bids for entire groupOwners of the Warner Music Group have decided they want to sell the whole company to one bidder, according to the Wall Street Journal, which probably means just four bidders...

Owners of the Warner Music Group have decided they want to sell the whole company to one bidder, according to the Wall Street Journal, which probably means just four bidders...

More finance firms linked to Fuller’s Parlophone bid
The Simon Fuller led bid to buy the Parlophone Music Group continues to garner the most interest, following the news last week that nine parties had submitted initial offers for...

Universal completes EMI acquisition, all eyes now on the Parlophone Label Group
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