Warner Music Completes $742 Million Parlophone Label Group Acquisition
Vivendi's Universal Music Group sold the business, whose roster includes Coldplay, Pet Shop Boys, David Guetta and Kylie Minogue.
LONDON – Warner Music Group, owned by Len Blavatnik's Access Industries, said Monday that it has completed its $742 million (£487 million) all-cash acquisition of the Parlophone Label Group from Vivendi's Universal Music Group.
In addition to the Parlophone label, the group also includes the Chrysalis/Ensign labels in the U.K., EMI Classics and Virgin Classics, and the EMI operating companies in Belgium, Czech Republic, Denmark, France, Norway, Poland, Portugal, Slovakia, Spain and Sweden.
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The group's artist roster includes the likes of Coldplay, Tinie Tempah, Pet Shop Boys, Kylie Minogue, Danger Mouse, David Guetta, David Bowie, Radiohead, Tina Turner, Iron Maiden, Pink Floyd, Duran Duran, Jethro Tull, Blur, Daft Punk and Maria Callas.
Said Access chairman Blavatnik: "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. This acquisition further cements Warner Music’s place as the world’s best home for extraordinary artists."
Added Warner Music CEO Stephen Cooper: "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."
He added: "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. Above all, this historic deal will create global opportunities for great music talent."
The companies had first announced the deal in February.
EU regulators had required the Parlophone divestiture as part of the approval of Universal Music's acquisition of EMI last year.