Warner's buy EMI Classics and Virgin Classics

Universal Music Group, the world’s largest record company, is to sell the Parlophone Label Group - which includes EMI Classics and Virgin Classics - for £487 million to Warner Music Group. It seems the move is a result of the approval by the European Commission last year, which allowed Universal to purchase the EMI Group in its entirety A condition of that sale was that Universal needed to release a certain amount of its recording label assets

Lucian Grainge, Chairman and CEO of Universal Music Group said in a statement:

‘Following this transaction, we will continue with our global reinvestment program that is rebuilding EMI and ensuring that the company is able to reach its full potential,. We’re satisfied that our agreement with Warner Music will provide a home for PLG artists.’

The Parlophone Label Group is comprised of the Parlophone and Chrysalis labels, as well as EMI recorded music operations in Belgium, Czech Republic, Denmark, France, Norway, Portugal, Spain, Slovakia and Sweden. PLG’s artists include Air, Coldplay, Daft Punk, Danger Mouse, David Guetta and Iron Maiden, among many others.

Following its successful purchase of the company last year, UMG acquired such iconic EMI labels and domestic operations as Virgin, Capitol, Blue Note, Christian Music Group, Capitol Nashville, Canada, Australia, Italy, Holland, Germany, Switzerland, Austria, Japan and Latin America and South Africa, among others. Artists include such chart-topping superstars as The Beatles, Katy Perry, Emeli Sandé, Robbie Williams, Swedish House Mafia, The Beach Boys, Lady Antebellum, Herbert Grönemeyer, Norah Jones, Tiziano Ferro, Hikaru Utada, Vasco Rossi, Helene Fischer, Smashing Pumpkins, 30 Seconds to Mars, Yumi Matsutoya, Keith Urban, Frank Sinatra, Empire of The Sun and Corinne Bailey Rae, among many others.