On 21 September 2012, the sale of EMI to UMG became authorised in each Europe and the US by way of the European Commission and the Federal Trade Commission respectively. The European Commission approved the deal, but, underneath the condition that the merged business enterprise divest itself of 1 1/3 of its total operations to different businesses with a demonstrated music file in the track industry. To comply with this condition, UMG divested V2 Records, Parlophone Records, Sanctuary Records, Chrysalis Records, Mute Records, EMI Classics, Virgin Classics, and EMI’s local labels throughout Europe. These labels have been operated one at a time below the call “Parlophone Label Group”, pending their sale. Universal could, but, preserve its ownership of the Beatles’ library (moved to the newly formed Capitol Records UK) and Robbie Williams’ Chrysalis recordings.
Universal Music Group completed its acquisition of EMI on 28 September 2012, accompanied through global compliance and complete rebranding by means of 1 April 2013. In compliance the conditions of the European Commission, Universal Music Group sold to German-based track rights organisation BMG the Mute catalogue, previously belongings of EMI on 22 December 2012. On 8 February 2013, Warner Music Group signed an settlement to acquire Parlophone, Chrysalis Records, EMI Classics, Virgin Classics and a number of EMI’s nearby labels throughout Europe for US$765 million (£487 million). Regulatory approval changed into obtained on 15 May 2013.
Universal Music will retain to perform EMI entities it’s miles maintaining the usage of the EMI name and has shaped Virgin EMI Records as a UMG label unit within the UK. The former EMI Records Ltd. Changed into renamed Parlophone Records Ltd. In 2013, when Warner Music Group received Parlophone Music Group which has the rights to the old EMI Records catalogue.
Warner Music integrated EMI Classics and Virgin Classics into its Warner Classics unit with the EMI Classics artist roster and catalogue absorbed into the Warner Classics label and the Virgin Classics artist roster and catalogue absorbed into the revived Erato Records label.