Warner Music Group Buys EMI Assets for $765 Million

The Warner Music Group, the smallest of the three remaining major record companies, said on that it had reached an agreement to pay $765 million for the Parlophone Label Group, a package of divestments from the EMI label that was mandated by European regulators as part of the Universal Music Group’s $1.9 billion deal for EMI last year.

“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,” said Len Blavatnik, the founder of Access Industries, Warner’s parent company. The Parlophone group consists of EMI’s Parlophone, Chrysalis and other labels, along with EMI subsidiary companies across Europe, with artists including Coldplay, Pink Floyd, the Beach Boys, David Guetta and Iron Maiden. Universal will retain EMI’s Capitol and Virgin labels, including artists like the Beatles, the Beach Boys, Katy Perry and Lady Antebellum. (In a separate sale, an investor consortium led by Sony bought EMI’s music publishing assets.) The deal is a win for Warner, which since 2000 has made several unsuccessful efforts to buy or merge with EMI.