The transaction was agreed on February 6, 2013 between Warner Music Group and Universal Music Group, with PLG being a necessary divestment of the latter’s acquisition of EMI earlier this year.
“This is a defining moment for Warner Music, which is strengthened today by the addition of PLG’s acclaimed roster, renowned catalog and gifted executives,” said chairman and founder of WMG parent Access Industries Len Blavatnik. “This acquisition further cements Warner Music’s place as the world’s best home for extraordinary artists.”
CEO, Warner Music Group Stephen Cooper added: “We are delighted to officially welcome PLG’s legendary roster and dynamic team to the Warner Music family.
“This acquisition unites two companies synonymous with incredible music, pioneering labels and artists that have shaped genres and defined generations.
“By staying true to our shared values, leveraging our complementary strengths and investing in growth, we will build on that remarkable legacy to set new standards in artist development and drive industry-leading innovation,” he added. “Above all, this historic deal will create global opportunities for great music talent.”
Universal Music CEO and chairman Lucian Grainge commented: "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. 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."
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