Vivendi seals Parlophone music label sale to Warner

PARIS Thu Feb 7, 2013 11:56am EST

PARIS Feb 7 (Reuters) - Vivendi and its subsidiary Universal Music Group have agreed to sell the Parlophone music label to Warner Music for 487 million pounds ($764.71 million) in cash, Vivendi said in a statement.

Vivendi had to sell Parlophone, one EMI's oldest active labels with artists like Coldplay and the Pet Shop Boys, to satisfy EU regulators' concerns about its $1.9 billion purchase of EMI's recorded music business.