Universal Music to sell Coldplay label to Warner
LOS ANGELES (AP) - Universal Music Group is selling Parlophone - the label of acts like Coldplay, David Guetta and Radiohead - to Warner Music Group for 487 million pounds (S$949 million).
It's the largest chunk of assets that European regulators demanded be sold when Universal purchased Britain's EMI last year for 1.2 billion pounds.
Universal, a unit of Vivendi SA, sold EMI's Mute Records, the home of Depeche Mode, to BMG for about 10 million pounds in December, and it still must sell other smaller labels to complete its obligations to antitrust authorities. The sales are expected to take place in the next few months.
But the world's largest recording company is keeping key acts from the EMI roster, including The Beatles, Katy Perry and Swedish House Mafia.