Universal Music Group (UMG) has bought PIAS, one of Europe’s biggest independent music companies. After acquiring a 49-percent share of the company in 2022, UMG is now the label group’s majority shareholder, though PIAS will keep CEO Kenny Gates in place and says its labels will remain fully autonomous. “I am selling my shares not my soul,” Gates said in a press release, adding the UMG partnership has so far benefitted PIAS artists.
As well as the group’s own labels, such as Play It Again Sam, and label partners—including Mute, Heavenly, Transgressive, and ATO—the deal includes its services division Integral, which distributes music for indie giants including Beggars Group and Secretly Group. Virgin Music Group has partnered with Integral as part of the deal.
Michel Lambot, who co-founded PIAS with Gates, in 1983, said in a press release that he had had “some concerns as to whether it was even possible” to work alongside UMG. “But,” he added, “I’m happy to say I was wrong—our two companies have lots in common including teams that share a real passion for music and our relationship to date has been fruitful, convivial and everything we hoped it would it be.”
Gates added that “nothing will change culturally or commercially for our existing clients and partners.”
Asked if the merger would result in job losses, reps for PIAS and UMG declined to comment to Billboard.
Source : Pitchfork
