Warner Music to buy Parlophone label from Universal

Kylie Minogue Kylie Minogue is among the artists signed to Parlophone

Related Stories

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.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

More Business stories



Copyright © 2015 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.