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 a...