Beggars Group chief Martin Mills – one of the most vocal critics of Universal’s acquisition of the EMI record labels – has said that the sale of Parlophone Label Group to Warner Music Group is “the best result”.
Mills told CMU: “Warners winning this is the best result for the market, given the [European] Commission’s expressed desire to create a countervailing force to the established duopoly of Universal and Sony. We trust that direct benefits to the independent label sector and the artist community will flow from it”.
As previously reported, Parlophone Label Group, the company formed to control those EMI businesses Universal was forced to put up for sale by competition regulators last year, was sold to Warner Music for £487 million earlier today.
