Moving...

After the news yesterday about Kylie Minogue's new management deal, now comes groundbreaking news about her current record label.

Parlophone Label Group has been sold as a complete unit to Warner Music.

The record label - which is the home of Kylie Minogue, Coldplay and Pet Shop Boys - has been sold off by the Universal Music Group, after it acquired the label as part of the EMI buyout last year.

The Warner Music Group has confirmed that it has acquired the label as part of an all-cash transaction for £487 million ($765m).

The company beat a joint bid by Sony and BMG, and Simon Fuller/Chris Blackwell as the main contenders to acquire the company and parts of its back catalogue.

"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," said Len Blavatnik, Chairman and founder of Access Industries, which owns Warner Music.



Stephen Cooper, CEO of Warner Music Group, added: "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 organisation 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 Parlophone label, Chrysalis and Ensign labels, as well as EMI's recorded music operations in Belgium, Czech Republic, Denmark, France, Norway, Portugal, Spain, Slovakia and Sweden.

Radiohead's early catalogue, Queen, Tinie Tempah, Lily Allen, Gorillaz, Goldfrapp, David Guetta, Tina Turner, Pink Floyd and The Chemical Brothers are also part of Parlophone's collection.

However, it is understood that Universal Music has retained ownership of Virgin Records, the Beatles catalogue and other key assets.

A shame this couldn't happen earlier - Kylie and PSB could have been label mates with Madonna!