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    Warner Music Group Closes on Acquisition of Parlophone Label Group

    Warner Music Group, the major label acquired by Len Blavatnick and Access Industries in 2011, has completed its acquisition of the Parlophone Label Group from Universal Music Group in a deal announced in May. The deal was closed for £487 million (roughly $740 million).

    Along with Parlophone, the transaction sees the Chrysalis/Ensign labels in the United Kingdom, EMI Classics and Virgin Classics and the EMI operating companies in Belgium, Czech Republic, Denmark, France, Norway, Poland, Portugal, Slovakia, Spain and Sweden all moving under the WMG umbrella.

    “This is a defining moment for Warner Music,” wrote Access CEO Len Blavatnick in a statement, “which is strengthened today by the addition of PLG’s acclaimed roster, renowned catalog and gifted executives. This acquisition further cements Warner Music’s place as the world’s best home for extraordinary artists.”

    Read the full story: Billboard