20 Feb Warner Music Group Buys EMI’s Parlophone Label Group
Warner Music Group Buys EMI Assets for $765 Million
By Ben Sisario – February 7, 2013 – From NY Times Media Decoder Blog
The Warner Music Group, the smallest of the three remaining major record companies, said on Thursday that it had reached an agreement to pay $765 million for the Parlophone Label Group, a collection of EMI assets that includes artists like Coldplay, Pink Floyd and the Beach Boys.
The sale was mandated by European regulators as part of the Universal Music Group’s $1.9 billion purchase of EMI last year.
“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,” Len Blavatnik, the founder of Access Industries, Warner’s parent company, said in a statement.
The Parlophone group consists of EMI’s Parlophone, Chrysalis and other labels, along with EMI subsidiary companies across Europe. Universal will retain EMI’s Capitol and Virgin labels, including artists like the Beatles, the Beach Boys, Katy Perry and Lady Antebellum. (In a separate sale, an investor consortium led by Sony bought EMI’s music publishing assets.)