Warner Music Group acquires Parlophone Label Group from Universal Music Group for £487 million
Clients Warner Music Group Corporation
Jones Day advised Warner Music Group on the competition law aspects of its acquisition of the Parlophone Label Group from Universal Music Group, a subsidiary of Vivendi, for £487 million (approximately US$765 million) in an all-cash transaction. The transaction was completed in July 2013.
Parlophone is the home of some of EMI's most coveted artists, including Coldplay, David Guetta, Tinie Tempah, Kylie, Blur, and the back catalog of Radiohead. The label group also includes the entire EMI recorded music operations in the Scandinavian countries, as well as other European countries such as France and Spain.
This acquisition follows Warner’s vigorous intervention in the acquisitions of EMI. As a result of such intervention, the European Commission ordered the divestment of Parlophone in the wake of Universal’s purchase of EMI Music. This constituted one of the largest ever divestments ordered by the Commission.