Warner Music Group has reached an agreement to acquire Parlophone from Universal Music Group, a subsidiary of Vivendi, for an estimated 487 million pounds in cash. Reuters speculates that the transaction was necessary to ease EU regulators’ concerns of the EMI buy.
Stephen Cooper, CEO of Warner, released this statement via the company’s news site:
“Having the Parlophone Label Group become part of our family represents a unique opportunity for us to join with legendary record labels and artists that are highly complementary to our existing organization from a creative, geographic and strategic standpoint. We are committed to making this a great outcome for Parlophone’s artists and employees, who will find in WMG a similar spirit and culture that is dedicated to providing the most supportive and innovative home for recording artists. The continuation of the Parlophone legacy and brand are central to the future success of this combination, and we are proud to have them join us.”
Parlophone is home to artists Tinie Tempah, Coldplay, Kylie Minogue and many more.