NEW YORK, NY -- (Marketwired) -- 07/01/13 -- Warner Music Group Corp. (WMG), an Access Industries company, announced today that it has completed its acquisition of Parlophone Label Group (PLG) from Universal Music Group (UMG), a subsidiary of Vivendi.
In addition to the historic Parlophone label, PLG includes the Chrysalis/Ensign labels in the United Kingdom, EMI Classics and Virgin Classics and the EMI operating companies in Belgium, Czech Republic, Denmark, France, Norway, Poland, Portugal, Slovakia, Spain and Sweden.
The transaction brings these important and influential companies together with WMG's own iconic labels including Atlantic, Asylum, Big Beat, East West, Elektra, Fueled by Ramen, Nonesuch, Reprise, Rhino, Roadrunner, Sire, Warner Bros., Warner Music Nashville, Word and WMG's own network of local affiliates and licensees in over 50 territories worldwide, as well as Warner/Chappell Music, one of the world's leading music publishers.
Len Blavatnik, Chairman and founder of Access Industries, said, "This is a defining moment for Warner Music, which is strengthened today by the addition of PLG's acclaimed roster, renowned catalog and gifted executives. This acquisition further cements Warner Music's place as the world's best home for extraordinary artists."
Stephen Cooper, CEO, Warner Music Group, said, "We are delighted to officially welcome PLG's legendary roster and dynamic team to the Warner Music family. This acquisition unites two companies synonymous with incredible music, pioneering labels and artists that have shaped genres and defined generations. By staying true to our shared values, leveraging our complementary strengths and investing in growth, we will build on that remarkable legacy to set new standards in artist development and drive industry-leading innovation. Above all, this historic deal will create global opportunities for great music talent."
PLG, formerly a part of EMI Music, includes a broad range of some of the world's best-known recordings and classic and contemporary artists spanning a wide array of musical genres. PLG's artist roster and catalog of recordings includes, among many others, Coldplay, Tinie Tempah, Eliza Doolittle, Pet Shop Boys, Kylie Minogue, Danger Mouse, David Guetta, Pablo Alborán, M. Pokora, Raphael, Mariza, David Bowie, Radiohead, Tina Turner, Iron Maiden, Pink Floyd, Duran Duran, Jethro Tull, Blur, Kate Bush, Daft Punk, Edith Piaf, Itzhak Perlman and Maria Callas.
On February 6, 2013, WMG signed a definitive agreement to acquire PLG from UMG for £ 487 million in an all-cash transaction.
"Safe Harbor" Statement under Private Securities Litigation Reform Act of 1995: This communication includes forward-looking statements that reflect the current views of Warner Music Group about future events and financial performance. Words such as "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "forecasts" and variations of such words or similar expressions that predict or indicate future events or trends, or that do not relate to historical matters, identify forward-looking statements. All forward-looking statements are made as of today, and we disclaim any duty to update such statements. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, we cannot assure you that management's expectations, beliefs and projections will result or be achieved. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from our expectations. Please refer to our Form 10-K, Form 10-Qs and our other filings with the U.S. Securities and Exchange Commission concerning factors that could cause actual results to differ materially from those described in our forward-looking statements.
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About Warner Music Group:
With its broad roster of new stars and legendary artists, Warner Music Group is home to a collection of the best-known record labels in the music industry including Asylum, Atlantic, East West, Elektra, Fueled By Ramen, Nonesuch, Reprise, Rhino, Roadrunner, Rykodisc, Sire, Warner Bros., Warner Music Nashville, and Word, as well as Warner/Chappell Music, one of the world's leading music publishers, with a catalog of more than one million copyrights worldwide.
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