Universal sells Parlaphone Label Group to Warner Music

Universal Music Group has announced the sale of its Parlaphone Label Group to rivals Warner Music for £487m – just one year after purchasing EMI Recorded Music.

The deal is set to conclude toward the end of the year, subject to regulatory approval, and will see Warner snap up a number of top artists; including Air, Coldplay, Daft Punk, Danger Mouse, David Guetta and Iron Maiden.

Commenting on the deal Lucian Grainge, chairman & CEO of UMG said: "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. And we’re satisfied that our agreement with Warner Music will provide a home for PLG artists.”