IMPALA: Warner’s Parlophone deal will help re-balance market
The regulatory approval of Warner Music Group’s acquisition of Parlophone Label Group will “help to re-balance the recorded music market”, according to indie trade association IMPALA.
The statement comes following the European Commission giving the green light to the WMG/PLG deal earlier today and said that both IMPALA and Merlin “will continue to implement their agreement with WMG” which was conditional upon the Parlophone deal being completed.
The agreement will allow IMPALA and Merlin members to buy, license or distribute “a significant portion of PLG assets or their equivalent in WMG-owned assets.”
According to IMPALA it will also, “via strong behavioural commitments and capacity-building initiatives from WMG help to rebalance the recorded music market dominated by the stronger than ever duopoly made of Universal and Sony Music.”
Helen Smith, Executive chair, IMPALA, commented: “This marks the beginning of a new chapter for independent labels and their artists.”
Source: Music Week
