Universal Music Group to Acquire Indie Label Group [PIAS]
The founders of indie label team [PIAS] have introduced they’re promoting the excess stocks they keep within the corporate to Common Tune Team (UMG), making the track vast the company’s majority shareholder.
In a statement on Tuesday (Oct. 15), Kenny Gates mentioned he and his [PIAS] co-founder Michel Lambot have been promoting their stocks to UMG, which got a 49% stake within the corporate in 2022, to “allow us to offer a truly global distribution and services platform to the independent music community.”
Monetary phrases weren’t clear for the offer, which expands upon a strategic world partnership between the 2 firms that started in 2021. When UMG got the 49% stake in [PIAS] for an hidden sum refer to past, Gates and Lambot retained majority regulate of the corporate.
Possession of [PIAS] now seems to be totally within the fingers of UMG, despite the fact that representatives of the Ecu indie label team and UMG declined to increase upon the tips contained in Tuesday’s press let fall.
Main points which were showed as a part of the unused association come with the merger of Virgin Tune Team and [PIAS]’s services and products section [Integral], which gives bodily and virtual distribution services and products to greater than 100 indie label companions together with ATO, Beggars Team and Secretly Team.
The newly blended groups will lend “independent entrepreneurs with world class services and access to a bespoke, stand-alone international distribution network,” mentioned [PIAS]. Reps for the company and UMG declined to remark when requested if the merger would lead to any process losses.
The [PIAS] Label Team, which incorporates the indie labels Play games It Once more Sam, harmonia mundi, Spinefarm, Supply and spouse imprints reminiscent of ATO, Heavenly, Mute and Transgressive, will stay utterly self sufficient, mentioned the corporate. Artists signed to or dispensed through the ones labels come with Nick Cave & The Evil Seeds, Kneecap, Sofiane Pamart, Pleasure Token, Arlo Landscapes and Lightless Pumas.
“I am selling my shares not my soul,” mentioned Gates, who will stay CEO of [PIAS] and take a seat at the Virgin Tune Team major board and advisory team, in a commentary.
“Since agreeing [to] a strategic alliance with UMG in 2021 we have found them to be supportive and engaged partners who have added real value to our offering,” persevered Gates, describing the verdict to relinquish the founders’ excess shareholdings in [PIAS] as a “pragmatic one.”
The corporate’s current management staff will proceed to influence daily operations “and nothing will change culturally or commercially for our existing clients and partners,” mentioned Gates, who co-founded [PIAS] with Lambot in Brussels, Belgium, in 1983.
Lambot mentioned that regardless of to begin with having “some concerns” about partnering with UMG in 2021, the revel in has surpassed his expectancies.
“Our relationship to date has been fruitful, convivial and everything we hoped it would it be,” he mentioned. “This new phase, which will see us working even closer together promises to be an exciting new era for [PIAS], our staff, our partners and the artists we represent.”
“I’ve known Kenny and Michel for decades, beginning in the 80s when we were all signing bands from emerging scenes in Europe,” added Lucian Grainge, chairman/CEO of UMG, in a commentary.
“Since that time, Kenny and Michel have built [PIAS] into a company that stands for authenticity and the best in independent music,” Grainge added. “And it is those qualities that are not only important to me personally but that also make [PIAS] a perfect fit for UMG’s entrepreneurial and creative culture.”
“We are delighted by all that’s been accomplished over the past three years together, and we look forward to working with Kenny and Michel and their entire team, including their family of artists and labels, to further build [PIAS]’s legacy,” mentioned UMG govt vice president/CFO/president of operations Boyd Muir. “Their experience and insights have significantly helped to grow this dynamic area of our business. Completing the acquisition of [PIAS] Label Group and [Integral] reinforces our best-in-class label services operations and enhances our ability to support the independent artist and label community globally.”