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Parlophone sale official

FOR THE RECORD: UMG announced this morning that the 487 million sale of the Parlophone Label Group to Warner Music is a done deal. “We are very pleased to complete this transaction—another great step forward positioning Universal Music to fully capitalize on music’s many new and exciting opportunities,” Universal supreme commander Lucian Grainge stated with all due pomp and circumstance. “Over the course of the past year, we successfully acquired the recorded music assets of the legendary British music company EMI, revitalized its iconic Capitol Records and Virgin Records and further strengthened UMG's position as the global leader in music. Now, given PLG’s strong valuation, the transaction’s proceeds provide us significant resources for our global reinvestment program rebuilding EMI, preserving its heritage and helping all of UMG lead the industry’s digital transformation—and even better able to serve artists, songwriters and business partners, while offering fans more choice.” With a cherry on top. (7/1a)

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