Lucian Grainge has spoken of his regret over losing Parlophone as part of necessary divestments in Universal’s £1.2bn acquisition of EMI Music.
The major must sell assets including Parlophone to a competitor as part of the deal - but it gets to keep The Beatles and Beach Boys catalogues.
When Billboard asked the Universal Music chairman and CEO if he had any regrets over losing a big portion of Parlophone, he replied, “Yes. When I speak, I speak with validity and truth. I would have much preferred to have kept Parlophone as part of EMI, but it wasn't to be.
Grainge described the label as “pure class and quality”, calling it a great asset for anyone who wants to be involved in the music business.
The UMG boss was ultimately buoyant, however, adding, “We've got the Beatles, Robbie Williams and Frank Sinatra, among others, so I'm thrilled and privileged to have two-thirds of EMI.”
As far as Virgin and Capitol are concerned, Grainge said that he expected their urban and rock output to receive a boost from Universal’s investment.
Speaking to Music Week on Friday, Grainge said that Universal will “cuddle” EMI artists and stakeholders as it builds the label back to strength.