Warner Music wins EU okay for Parlophone buy

BRUSSELS Wed May 15, 2013 5:49am EDT

The headquarters of Warner Music Group is pictured in Burbank, California August 5, 2008. REUTERS/Fred Prouser

The headquarters of Warner Music Group is pictured in Burbank, California August 5, 2008.

Credit: Reuters/Fred Prouser

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BRUSSELS (Reuters) - Warner Music won EU regulatory approval on Wednesday to buy the Parlophone Label Group from Vivendi's (VIV.PA) Universal Music Group for 487 million pounds ($743.01 million).

World No. 1 recorded music company Universal is selling Parlophone, whose artists include Coldplay and Daft Punk, to fulfill a promise to the European Commission for clearing its $1.9 billion buy of EMI's recorded music business.

The EU antitrust authority said it did not see any competition issues from the Warner deal. Warner is owned by privately held Access Industries Inc.

($1 = 0.6554 British pounds)

(Reporting by Foo Yun Chee, editing by Robert-Jan Bartunek)

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