Iconic UK record label Parlophone Records has been sold to Warner Music for £487 million ($AUD744 million).
Noise11 reports that Warner beat bids from American Idol founder Simon Fuller and Island Records founder Chris Blackwell to acquire the label, which originally signed The Beatles back in the 1960s.
The transaction does not include ownership of the releases that the The Beatles made with Parlophone (Please Please Me to Sgt Peppers Lonely Hearts Club Band). The band’s entire catalogue remains the property of Apple Corps and Universal music.
Parlophone’s roster will now become the property of Warner. The artists involved in the move include: 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.
Warner also controls a series of other labels, including Atlantic, Roadrunner, and Warner/Chappell Music.
According to NineMSN, Warner’s Russian billionaire owner Len Blavatnik described the acquisition as a “very important milestone” for the firm, “reflecting our commitment to artist development by strengthening our worldwide roster, global footprint and executive talent”.
Warner’s CEO Stephen Cooper said that the label was committed to providing Parlophone’s artists with a “supportive and innovative home” for their music.
“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,” he said.