Universal Music sells Parlophone to Warner for £500m

Universal have completed the sale of Parlophone Label Group to Warner Music Group, sources say.

The news comes from MusicWeek, who made the announcement earlier today (7 February).

Universal had to make the sale to discard itself of some assets in order to complete the purchase of EMI.

By European law, the company weren’t allowed to reach over a certain amount of the market share.

PLG had also received interest from the likes of Fuller/Blackwell and a joint bid from Sony and BMG.

It is home to the likes of Blur, Pink Floyd and more. The sale is said to be worth around £500m.