BRUSSELS, Belgium (CelebrityAccess) — Universal Music Group has acquired a minority interest in the Brussels-based independent label group [PIAS].
The deal sees UMG take a 49% stake in the company, but the acquisition does not include seats on [PIAS] board of directors with founders Kenny Gates and Michel Lambot remaining in control of the indie label group.
“The boldly independent and music-centric culture that Kenny and Michel have built over the last four decades has provided a vital creative network to so many artists,” said UMG boss Sir Lucian Grainge.
“We share Kenny and Michel’s passion for developing artists and moving culture, and we recognize that a healthy music ecosystem needs companies like [PIAS] who are committed to amplifying the best voices in independent music,” Grainge added.
The deal expands on an existing partnership between [PIAS] and UMG that was first formed in June 2021 that saw UMG providing label services to [PIAS].
“We have enjoyed an excellent relationship with the Universal Music Group team since we announced our strategic global alliance with them last year,” said Michel Lambot, Co-Founder of [PIAS].