In its star-studded past, it’s been home to some of the best names in music history – from Pink Floyd, Deep Purple and Jethro Tull to Coldplay, David Guetta, Daft Punk and of course, The Beatles.

Music, however, isn’t why record label Parolophone is in the news right now. According to reports in Britain’s Financial Times and US music portal Billboard, the prestigious label, originally founded in Germany in 1896, has been bought from Universal Music by Warner Music.

The transaction, which is said to have cost Warner Music around €565 million, followed an auction resulting from a disposal process pushed by European regulators.

The sale will allow Universal Music to recoup around half the money spent on its €0.90 billion euro acquisition of EMI’s recorded music division.

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