The Warner Music Group has officially completed the acquisition of the Parlophone Label Group after the Universal Music Group were forced to divest it from EMI assets when they purchased the fellow major label.
Warner, who were in the bidding for EMI, picked up Parlophone shortly after the Universal-EMI deal was given the all clear last year. The historic imprint Parlophone is home to Blur, Coldplay, Gorillaz, Sigur Ros, David Guetta, Tinie Tempah and Australia's own Georgi Kay. The PLG which Warner have bought also includes the Chrysalis/Ensign labels in the UK, EMI Classics,Virgin Classics and the EMI operating companies in various European countries, including Belgium, Czech Republic, Denmark, France, Norway, Poland, Portugal, Slovakia, Spain and Sweden.
The deal was confirmed on 6 February earlier this year with an all-cash price of £487 million (AU$806.5 million).
Len Blavatnik of Warner's parent company Access Industries said, “This is a defining moment for Warner Music, which is strengthened today by the addition of PLG's acclaimed roster, renowned catalogue and gifted executives. This acquisition further cements Warner Music's place as the world's best home for extraordinary artists.”
Stephen Cooper, CEO, Warner Music Group, added, “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.”
