[78-L] Warners purchases Parlophone

[David Lennick]

So do they also have Odeon masters and all the Lindstrom stuff? How do they 
claim Callas and Piaf? dl

>
> http://www.fmqb.com/article.asp?id=2614516
> <http://jazzpromoservices.us2.list-manage.com/track/click?u=3186fe64133adb244b1010be2&id=31924a4319&e=dce4828319>
> Warner Music Group Purchases Parlophone
> February 7, 2013
>
> *Warner Music Group* has won the auction to acquire the famous European
> *Parlophone Label Group*, as part of *Universal Music Group*'s sell-off of
> former *EMI* assets. The /Financial Times/reports that the price tag came in
> much higher than expected at £487 million (or roughly $765 million), allowing
> UMG to "recoup almost half of the money it spent on EMI." The sale is an
> all-cash deal.
>
> *Len Blavatnik*, Chairman and founder of WMG owner *Access Industries*, said in
> a statement, "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."
>
> WMG CEO *Stephen Cooper* said, "Having the Parlophone Label Group become part
> of our family represents a unique opportunity for us to join with legendary
> record labels and artists that are highly complementary to our existing
> organization from a creative, geographic and strategic standpoint. We are
> committed to making this a great outcome
> for Parlophone's artists and employees, who will find in WMG a similar spirit
> and culture that is dedicated to providing the most supportive and innovative
> home for recording artists. The continuation of the Parlophone legacy and brand
> are central to the future success of this combination, and we are proud to have
> them join us."
>
> In a statement from UMG, Chairman/CEO *Lucian Grainge* adds, "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."
>
> The /Financial Times/ notes that WMG has been beat out multiple times in the
> past when bidding on EMI and its assets. Warner's "relatively small market
> share" overseas should allow the deal to pass the *European Commission* without
> much opposition. The /FT/ adds that "Warner was seen as being able to extract
> more savings from the acquisition than other bidders, but its victory will
> surprise some industry members who thought that the U.S. group’s vocal lobbying
> against Universal’s EMI deal could count against it in the auction." Sources
> also told the paper that WMG's bid was at least $100 million higher than the
> other bidders for Parlophone.
>
> The Parlophone Label Group is comprised of the historic Parlophone label and
> *Chrysalis* and*Ensign* labels as well as EMI's recorded music operations in
> Belgium, Czech Republic, Denmark, France, Norway, Portugal, Spain, Slovakia and
> Sweden. Its artist roster and catalog of recordings include, among many others,
> *Air*, *Coldplay*, *Daft Punk*, *Danger* *Mouse*, *David Guetta*, *Deep
> Purple*, *Duran Duran*, *Edith Piaf*, *Gorillaz*, *Iron Maiden*, *Itzhak
> Perlman*, *Jethro Tull*, *Kate Bush*, *Kylie Minogue*, *Maria Callas*, *Pet
> Shop Boys*, *Pink Floyd*, *Radiohead*, *Shirley Bassey*,*Tina* *Turner* and
> *Tinie Tempah*.