Published Feb 07, 2013Last year, when Universal's takeover of EMI was made official, it was stipulated that Universal would need to sell off some of its labels in order to make the merger official. Now, the most high-profile of those labels has switched hands, as Warner Music has acquired the rights to Parlophone.
The label was sold for £487 million ($761 million Canadian). Among the artists in Parlophone's back catalogue are Coldplay, Pink Floyd, Blur, Gorillaz, Iron Maiden, Daft Punk, Radiohead, Pet Shop Boys and Deep Purple.
The true star of Parlophone's roster wasn't included in the deal, however, as Universal managed to hang on to the Beatles.
Len Blavatnik, the chairman of Warner Music's parent company, Access Industries, said in a statement, "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."
The deal is expected to be finalized later this year, since it must pass through regulatory approvals.