Kenny Gates and Michel Lambot, co-founders of indie label group [PIAS] — a conglomerate that includes Play It Again Sam, harmonia mundi, Spinefarm and Source, as well as partner imprints like ATO, Heavenly, Transgressive and Mute — have announced the selling of their remaining shares in the company to Universal Music Group (UMG), Billboard reports.
While the financial terms of the deal have not been revealed, it expands open a partnership between the two companies that began in 2021. In 2022, UMG acquired a 49 percent stake in [PIAS] for an undisclosed sum to "allow us to offer a truly global distribution and services platform to the independent music community," Gates said at the time, he and Lambot retaining majority control.
As part of the new arranged, [PIAS]'s services division [Integral], which distributes physically and digitally to over 100 indie label partners including Beggars Group and Secretly Group, will be integrated into UMG's Virgin Music Group division. [PIAS] Label Group (PIAS Recordings) will continue autonomous operation, with Gates staying on as CEO, and additionally sitting on the Virgin Music Group main board and advisory group.
[PIAS] came out of Play It Again Sam Records, which Gates and Lambot started in 1983 in Brussels, Belgium. It will now effectively be a UMG subsidiary.