Warner Music Pays $765 Million For Parlophone
February 8, 2013, 2 years ago
According to Rolling Stone, Warner Music's $765 million purchase of the Parlophone record label, which includes the rights to catalogs by PINK FLOYD, COLDPLAY, RADIOHEAD and DAFT PUNK, gives the third-biggest record label a much-needed power boost with regard to rivals Universal and Sony. Warner is the smallest of the Big Three record labels, providing just 20 percent of overall album sales in 2012, according to Nielsen SoundScan, but Parlophone should significantly increase that number.
"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," Len Blavatnik, chairman and founder of Access Industries, Warner's parent company, said in a statement.
THE BEATLES' catalog, which belonged to Parlophone, was not part of the sale.