Warner Music is to buy the record label Parlophone
from Universal Music for £487m ($765m), it has announced.
Warner said it
would pay cash for the label, whose artists include Coldplay, Kylie Minogue and
Pink Floyd.
Parlophone was
formerly a part of EMI Music.
Regulators
approved Universal's takeover of EMI in September, but said it would have to
sell off some of EMI's assets, including Parlophone, to allay competition
concerns.
"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," said Len Blavatnik, chairman and founder of Access
Industries, the parent company of Warner Music.
The Parlophone
label group also includes the Chrysalis and Ensign labels, as well as EMI's
recorded music operations in Belgium, the Czech Republic, Denmark, France,
Norway, Portugal, Spain, Slovakia and Sweden.
With its wide
range of artists, Parlophone had been described as the "jewel in the
crown" of EMI.
The Beatles,
part of Parlophone, were exempted from the sale.
Source: BBC
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