BMG Rights Management is in talks with Universal Music Group to buy EMI’s Parlophone label, according to reports.
The purchase would be part of the package of divestments that Universal parent company Vivendi is currently negotiating with the European Commission in order to push its £1.2 billion acquisition of EMI Music past regulators.
Billboard sources have said that the sale of Parlophone would satisfy Brussels and take other EMI labels and catalogues including Virgin Records off the market as potential divestments.
The Parlophone roster boasts names such as Coldplay, Gorillz, Blur, Kylie Minogue and The Beatles, although the Billboard insiders said that the Liverpool legends’ catalogue is not likely to be part of the deal.
More than 20 “well-financed” parties are interested in divestment opportunities from the UMG/EMI deal, according to Billboard, “including a dozen indie labels, half a dozen major VC companies and Sony Music”.
Warner Music, however, has not contacted UMG about the possibility of snapping up any labels that might be for sale.
The Billboard source added that Universal was expected to submit its divestment package within the next couple of business days, possibly as early as today.