Warner Music Group has won the rights to EMI’s former sub-label Parlophone, according to a report in the Financial Times.
EU regulations forced Universal to immediately sell off a number of EMI’s subsidiaries following its purchase of the last remaining UK major label last year, in order to comply with competition rules.
And it has now been reported Warner have paid around £487 million for the most coveted of EMI’s interests, with Parlophone being home to the likes of Blur, Coldplay and Pink Floyd. Despite The Beatles‘ back catalogue also being owned by Parlophone, that particular money-spinner is not involved in the deal.
Last year, it was suggested Blur drummer Dave Rowntree was considering leading a ‘strike’ against their new home due to his belief that artists had not been kept sufficiently informed when talks over the proposed sale began in 2012.
“Artists are the only people currently being left out of the conversation, which is unfortunate,” Rowntree said. “If the staff at the label are unhappy with the new arrangements they are free to leave, but the artists are not.”