Universal Music to sell Coldplay label to Warner

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by Associated Press

Associated Press

Posted on February 7, 2013 at 2:00 PM

Updated Thursday, Feb 7 at 3:01 PM

LOS ANGELES (AP) — Universal Music Group is selling Parlophone — the label of acts like Coldplay, David Guetta and Radiohead — to Warner Music Group for 487 million pounds ($765 million).

It's the largest chunk of assets that European regulators demanded be sold when Universal purchased Britain's EMI last year for 1.2 billion pounds ($1.9 billion).

Universal maintains some key acts from the EMI roster, including The Beatles, Katy Perry and Swedish House Mafia.

The world's largest recording company still must sell other smaller labels to complete its obligations to antitrust authorities. The sales are expected to take place in the next few months.

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