Warner Music Group (WMG) has announced the completion of its acquisition of the Parlophone Label Group (PLG) for £487m.
The purchase from the Universal Music Group (UMG) includes Parlophone, the Chrysalis/Ensign labels in the UK Kingdom, EMI Classics and Virgin Classics and the EMI operating companies in a number of countries including Belgium, Denmark and France.
PLG was previously part of the EMI Group - the roster includes artists and tracks from the likes of Coldplay, Tinie Tempah, Eliza Doolittle, Pet Shop Boys, Kylie Minogue, Daft Punk and Pink Floyd.
UMG was ordered to put PLG up for sale by the European Commission in order to adhere to competition rules following its acquisition of EMI.
Stephen Cooper, CEO at WMG, said: ‘We are delighted to officially welcome PLG’s legendary roster and dynamic team to the Warner Music family. This acquisition unites two companies synonymous with incredible music, pioneering labels and artists that have shaped genres and defined generations.
‘By staying true to our shared values, leveraging our complementary strengths and investing in growth, we will build on that remarkable legacy to set new standards in artist development and drive industry-leading innovation.’
Len Blavatnik, Chairman and founder of Access Industries, added: ‘This is a defining moment for Warner Music, which is strengthened today by the addition of PLG’s acclaimed roster, renowned catalog and gifted executives.’
The agreement for the purchase was signed on 6 February 2013.
The purchase from the Universal Music Group (UMG) includes Parlophone, the Chrysalis/Ensign labels in the UK Kingdom, EMI Classics and Virgin Classics and the EMI operating companies in a number of countries including Belgium, Denmark and France.
PLG was previously part of the EMI Group - the roster includes artists and tracks from the likes of Coldplay, Tinie Tempah, Eliza Doolittle, Pet Shop Boys, Kylie Minogue, Daft Punk and Pink Floyd.
UMG was ordered to put PLG up for sale by the European Commission in order to adhere to competition rules following its acquisition of EMI.
Stephen Cooper, CEO at WMG, said: ‘We are delighted to officially welcome PLG’s legendary roster and dynamic team to the Warner Music family. This acquisition unites two companies synonymous with incredible music, pioneering labels and artists that have shaped genres and defined generations.
‘By staying true to our shared values, leveraging our complementary strengths and investing in growth, we will build on that remarkable legacy to set new standards in artist development and drive industry-leading innovation.’
Len Blavatnik, Chairman and founder of Access Industries, added: ‘This is a defining moment for Warner Music, which is strengthened today by the addition of PLG’s acclaimed roster, renowned catalog and gifted executives.’
The agreement for the purchase was signed on 6 February 2013.
