The home of Pink Floyd, Blur, and more has a new corporate overseer.
As part of last year’s acquisition of EMI, Universal had to divest itself of certain assets, chief among them Parlophone. Today, Vivendi (of which Universal Music Group is a subsidiary) announced the sale of Parlophone to Warner Music Group for £487 million.
The acquisition of EMI made Universal the world’s largest major label, with roughly a 30% share of the market. The divestment of Parlophone and Mute was part of agreements reached with EU and US antitrust authorities.
Last year, Blur led a protest of the sale, threatening to withhold releases if the off-selling of the label continues. Time will tell if Damon Albarn and company are able and willing to follow through with the threat.