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Does Warner give a toss about Classics?

We’ve just received Warner’s announcement about the acquistion of Parlophone, including EMI Classics, from Universal Music Group.

Nowhere in the heavily lawyered statement is EMI Classics mentioned.

I am assured by Universal that EMI Classics is part of the sale. But Warner don’t seem to have noticed it. They might not want it.

Read the expensive gabble below:

Warner Music Group

February 07, 2013 11:35 ET

Warner Music Group to Acquire the Parlophone Label Group

 

 

NEW YORK, NY–(Marketwire – Feb 7, 2013) – Warner Music Group Corp. (WMG), an Access Industries company, announced today that it has signed a definitive agreement to acquire the Parlophone Label Group from Universal Music Group, a subsidiary of Vivendi, for £487 million (around $765 million) in an all-cash transaction.

The Parlophone Label Group, formerly a part of EMI Music, includes a broad range of some of the world’s best-known recordings and classic and contemporary artists spanning a wide array of musical genres, as well as some of the industry’s leading executive talent.

Len Blavatnik, Chairman and founder of Access Industries, said, “This is a very important milestone for Warner Music, reflecting our commitment to artist development by strengthening our worldwide roster, global footprint and executive talent.”

Stephen Cooper, CEO of Warner Music Group, said, “Having the Parlophone Label Group become part of our family represents a unique opportunity for us to join with legendary record labels and artists that are highly complementary to our existing organization from a creative, geographic and strategic standpoint. We are committed to making this a great outcome for Parlophone’s artists and employees, who will find in WMG a similar spirit and culture that is dedicated to providing the most supportive and innovative home for recording artists. The continuation of the Parlophone legacy and brand are central to the future success of this combination, and we are proud to have them join us.”

The Parlophone Label Group is comprised of the historic Parlophone label and Chrysalis and Ensign labels as well as EMI’s recorded music operations in Belgium, Czech Republic, Denmark, France, Norway, Portugal, Spain, Slovakia and Sweden. Its artist roster and catalog of recordings include, among many others, Air, Coldplay, Daft Punk, Danger Mouse, David Guetta, Deep Purple, Duran Duran, Edith Piaf, Gorillaz, Iron Maiden, Itzhak Perlman, Jethro Tull, Kate Bush, Kylie Minogue, Maria Callas, Pet Shop Boys, Pink Floyd, Radiohead, Shirley Bassey, Tina Turner and Tinie Tempah.

Warner Music Group has obtained commitments to finance this transaction through a new term loan facility provided through Credit Suisse, Barclays, UBS, Macquarie and Nomura. The closing of the transaction is expected to occur mid-year 2013, subject to certain regulatory approvals and, as far as the French entities are concerned, after the consultation procedure with employee representatives.

About Warner Music Group:
With its broad roster of new stars and legendary artists, Warner Music Group is home to a collection of the best-known record labels in the music industry including Asylum, Atlantic, East West, Elektra, Fueled By Ramen, Nonesuch, Reprise, Rhino, Roadrunner, Rykodisc, Sire, Warner Bros. and Word, as well as Warner/Chappell Music, one of the world’s leading music publishers, with a catalog of more than one million copyrights worldwide.

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Comments

  1. Jess Pike says:

    Well Warner Classical has 2175 artists signed Maria Callis and Dmitri Hvorostovsky just to name a few. Perhaps the merger of EMI – Parlophone could be good. Warner could reissue much of thier older material that is out of print, and restore quality to many old works with digital enhancment. One can only hope.

  2. They forgot to include “The Lion King”, and baby lion is not happy about it.

  3. The industry’s hardcore business is dominated by Apple, Amazon, Spotify and Google. What happens to EMI Classics’ catalogue is of minimal interest to Apple, Amazon, Spotify and Google. The revenue from EMI’s classical catalogue will also be of minimal interest to Warner Music Group’s shareholders. Apple, Amazon, Spotify and Google are more interested in bumping up their share-values ridding the world of competition in the High Street retail first, then conventional radio will be written out of the script by streaming next – apart from the news, the weather, local traffic reports, and phone-ins. Apple’s i-Radio is very close now and who will need Radio 3 (or Radios 1 & 2 for that matter) when you can press a couple of buttons and access exactly any repertoire you want 24/7 on-demand?

  4. Yi-Peng Li says:

    It would be interesting to see how this pans out. Warner might be happy with the pop catalogue of Parlophone but I have sensed that they have hardly ever been interested in classical recordings since they shut down the Teldec and Erato labels.

  5. At least Daft Punk and Danger Mouse have been saved. Rejoice!

  6. @ ed: I bastardised the most famous song from ‘The Lion King’, and tge Walt Disney Comppany is not happy about it. Screw ‘em, there’s nothing they can legally do about it unless I make a recording while it’s still illegal, and I’m waiting until October.

  7. When I stated that I’m waiting until October, that’s because that’s when recommendations from the Hargreaves Review will finally be implemented and I can claim my songs are Fair Dealing pastiches, and at the moment, they’re purely textual works with 95%+ original material. Like I say, Disney aren’t happy about it.

  8. When I stated that I’m waiting until October, that’s because that’s when recommendations from the Hargreaves Review will finally be implemented and I can claim my songs are Fair Dealing pastiches, and at the moment, they’re purely textual works with 95%+ original material. Like I say, Disney aren’t happy about it, but no petition is required.

  9. Very interesting. Maybe we’ll see a reincarnation of some of the marvelous Melodiya performances, or even the old Coliseum recordings which were famous for their wind tunnel effect and higher pitches (A 550?)
    which resulted in faster tempos. They had to let you know that a Soviet artist would win every race they entered.

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