Warner Music Group buys Parlophone for £487 million
Warner Music Group has bought the Parlophone record label for £487 million.
Universal Music has sold the home of Blur, Coldplay and Pink Floyd to Warners, who have said that they will be paying in cash for the label, which used to be part of EMI Music.
Universal took over EMI in September of last year, but had to sell some of the company's assets in order to take care of concerns about competition, reports BBC News.
Last year's sale made Universal the world's largest record label, with a 30% market share. The sale of Parlophone, as well as the Mute label was agreed upon with EU and US antitrust authorities.
However, The Beatles, who are part of Parlophone, have not been included in the deal, but the sale does include the Chrysalis and Ensign labels.
Len Blavatnik, chairman of industrial group Access Industries, who own Warners, has said: "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."