.

Universal Music Group Offers To Sell EMI's Parlophone Label

Artists affected could include Queen, Blur and Coldplay

EMI's London headquarters
Shaun Curry/AFP/Getty Images
July 27, 2012 5:00 PM ET

Universal Music Group has reportedly offered to sell most of EMI's Parlophone label in an effort to gain regulatory approval from the European Union for its expected $1.9 billion buyout of EMI, according to the Financial Times. Vivendi, which owns UMG, is looking to sell Parlophone, EMI's most valuable label, while keeping its top acts, including the Beatles. Parlophone's roster also includes Coldplay, Blur, the Chemical Brothers, Queen and more. Sources claim UMG would keep Virgin Records, while selling the Chrysalis label (except for Robbie Williams), along with EMI Classics, Mute, Sanctuary, German jazz label MPS Records and EMI offshoots in France, Norway, Sweden, Poland and the Czech Republic.

The European Commission had previously warned UMG that its proposed takeover of EMI poses a serious threat to competition, with regulators suggesting they might veto the buyout without concessions from UMG. UMG submitted proposals to the EU today. The Commission will make a ruling by September 27th. Virgin Records founder Richard Branson, Mute founder Daniel Miller and Sony Music's Patrick Zelnick are reportedly among interested buyers.

To read the new issue of Rolling Stone online, plus the entire RS archive: Click Here

prev
Music Main Next

blog comments powered by Disqus
Around the Web
Powered By ZergNet
Daily Newsletter

Get the latest RS news in your inbox.

Sign up to receive the Rolling Stone newsletter and special offers from RS and its
marketing partners.

X

We may use your e-mail address to send you the newsletter and offers that may interest you, on behalf of Rolling Stone and its partners. For more information please read our Privacy Policy.

Song Stories

“Nightshift”

The Commodores | 1984

The year after soul legends Marvin Gaye and Jackie Wilson died, songwriter Dennis Lambert asked members of the Commodores to give him a tape of ideas. "And the one from Walter Orange has this wonderful bass line," said co-writer Franne Golde. "Plus the lyric, 'Marvin, he was a friend of mine' ... Within 10 minutes, we had decided it should be something like a modern R&B version of 'Rock 'n' Roll Heaven,' and I just said, 'Nightshift.'" This tribute to the recently deceased musicians was the band's only hit without Lionel Richie, who had left for a solo career.

More Song Stories entries »
 
www.expandtheroom.com