Founder of independent label group [PIAS] announced the sale of its remaining shares in the company to Universal Music Group (UMG), making the music giant the company’s majority shareholder.
In an announcement released on Tuesday (October 15), kenny gates He told his people [PIAS] co-founder Michelle Lambert sold its stake to UMG, which acquired 49% of the company in 2022, to “enable us to provide a truly global distribution and services platform to the independent music community.”
Financial terms of the deal, which expands the companies’ global strategic partnership that began in 2021, were not disclosed. [PIAS] The next year, Gates and Lampert retained majority control of the company for an undisclosed amount.
ownership [PIAS] Although representatives for European independent labels and Universal Music Group declined to reveal the information contained in Tuesday’s press release, it now appears to be entirely in Universal Music Group’s hands.
Confirmed details of the new arrangement include Virgin Music Group and [PIAS]service department [Integral]providing physical and digital distribution services to more than 100 independent record label partners including the ATO, Beggars Group and Secretly Group.
The newly combined team will provide “independent entrepreneurs with world-class service and access to a customized, independent international distribution network.” [PIAS]. Representatives for the company and Universal Music Group declined to comment when asked whether the merger would result in job losses.
this [PIAS] Label Group, which includes independent labels Play It Again Sam, harmonia mundi, Spinefarm, Source and partners such as ATO, Heavenly, Mute and Transgressive, said it would remain fully autonomous. Artists signed or distributed by these labels include Nick Cave & The Bad Seeds, Kneecap, Sofiane Pamart, Sleep Token, Arlo Parks and Black Pumas.
“I’m selling my stock, not my soul,” said Gates, who will remain CEO of the company. [PIAS] and serves on Virgin Music Group’s main board and advisory panel, the statement said.
“Now that I agree [to] “We entered into a strategic alliance with UMG in 2021 and have found them to be a supportive and engaged partner who adds real value to our offerings.” [PIAS] As a “pragmatic person”.
The company’s existing leadership team will continue to guide day-to-day operations, and “no changes in culture or business will change for our existing customers and partners,” Gates said. [PIAS] Brussels, Belgium, 1983 with Lambert.
Lambert said that despite “some initial concerns” about working with Universal Music Group in 2021, the experience exceeded his expectations.
“Our relationship so far has been fruitful, joyful and everything we could have hoped for,” he said. “In this new phase we will work even more closely together in what promises to be an exciting new era. [PIAS]our employees, our partners and the artists we represent.
Lucian Grainge, chairman and CEO of UMG, added in a statement: “I have known Kenny and Michel for decades, starting in the 1980s when we were both signing emerging bands in Europe.”
“Since then, Kenny and Michelle have built [PIAS] To be a company that stands for authenticity and the best in independent music,” Grainge added. “It is these qualities that are not only important to me personally, but also make [PIAS] A perfect fit for UMG’s entrepreneurial and creative culture.
“We are delighted with what we have accomplished together over the past three years, and we look forward to working with Kenny and Michelle and their entire team, including their family of artists and brands, to build even further [PIAS]said Boyd Muir, UMG executive vice president/chief financial officer/president of operations. “Their experience and insights have greatly aided the development of this dynamic business area of ours. Completion of the acquisition [PIAS] tag group and [Integral] Strengthening our best-in-class label services operations and increasing our ability to support the global independent artist and label community.
