Big Screen Art

The Latest News About Movies, Music, Events and Celebrity

Universal Music Group Takes Minority Investment in [PIAS]

Universal Music Group Takes Minority Investment in [PIAS]
Picture Credit score: [PIAS]

Common Music Group declares a minority share funding of the [PIAS] Group.

One of many world’s main impartial music firms, [PIAS], has acquired a minority share funding from Common Music Group, in response to particulars first tipped to Digital Music Information on Tuesday (November twenty ninth). The announcement sees UMG buying a 49% shareholding in [PIAS] following the formation of the strategic world alliance between the 2 firms in June 2021.

[PIAS] will stay totally impartial underneath the brand new settlement, and its founders, Kenny Gates and Michel Lambot (pictured above) will retain majority management of the corporate. UMG can have no seats on the corporate’s board.

“Now we have loved a superb relationship with the Common Music Group crew since we introduced our strategic world alliance with them final 12 months,” says Lambot. 

“Kenny and I are celebrating our firm’s fortieth anniversary this 12 months, and we’re nonetheless as bold as we had been after we began out about rising our world presence and offering a world-class service to the impartial music neighborhood.”

“Nowadays, we’re competing with finance and tech giants, and a accomplice like Common Music Group offers the extra help for us to compete and develop. Common made it clear that they like us, they belief us, and so they want us as a result of they’ll’t do what we do, and so they worth it extremely,” says Gates. 

“For Michel and I, that is our life’s work and an ongoing journey, and I’m excited concerning the prospect of this new chapter within the lifetime of [PIAS]. This transfer makes us stronger and secures the way forward for our model, our employees, and our companions whereas sustaining management of our future.”

“The boldly impartial and music-centric tradition that Kenny and Michel have constructed during the last 4 a long time has supplied a significant inventive community to so many artists,” provides Sir Lucian Grainge, Chairman and CEO of UMG. 

“Whereas a lot of the previous was centered on ‘majors versus indies,’ it’s clear that at this time, the vital divide in our trade is about these dedicated to artist improvement versus these dedicated to amount over high quality. We share Kenny and Michel’s ardour for creating artists and transferring tradition, and we acknowledge {that a} wholesome music ecosystem wants firms like [PIAS] who’re dedicated to amplifying the most effective voices in impartial music.”