Parlophone Label Group has been sold to Warner for £487m in an all-cash transaction, Music Week can confirm.

The closing of the transaction is expected to occur in the summer subject to EU regulatory approvals and after a consultation procedure with employees.

Len Blavatnik, Chairman and founder of Access Industries - owner of Warner Music Group - said, “This is a very important milestone for Warner Music, reflecting our commitment to artist development by strengthening our worldwide roster, global footprint ...