Universal Music Group (UMG) has concluded its £1.2 billion acquisition of EMI Recorded Music.
The buyout had faced strong opposition, particularly in the EU – where the European Commission has enforced divestments from the deal including the Parlophone Label Group.
However, Universal Music is now the proud owner of new assets including the prized recorded music catalogue of The Beatles.
The new UMG features a range of labels across the world including A&M/Octone, Angel, Blue Note, Capitol Records, Decca, Def Jam Recordings, Deutsche Grammophon, EMI Records, Geffen Records, Interscope Records, Island Records, I.R.S, Capitol Records Nashville, Manhattan, Mercury Records, Motown Records, Polydor Records, Republic Records, Universal Music Latino, Universal Music Nashville, Virgin Records and Verve Music Group.
“This is a next step towards ensuring the health of our industry,” stated Lucian Grainge (pictured), Chairman & CEO of UMG. “EMI is finally returning to people who have music in their blood. We are acquiring incredible labels and a roster of stellar talent, including top-selling artists like Katy Perry, Lady Antebellum, The Beatles and The Beach Boys.
“We remain true to our vision of investing in EMI, growing the company as a vibrant source of new music, offering consumers more choice and supporting the growth of online music services.”
Grainge continued: “I would also like to thank Roger Faxon and his team at EMI for their tremendous support over the last year and for staying focused on developing artists and delivering new music throughout this transition.”Music Business Worldwide