Universal Music Group Acquires [PIAS] Group

LONDON (CelebrityAccess) – Universal Music Group (UMG) has completed its full acquisition of the [PIAS] Group, having purchased the remaining 51% of shares from co-founders Kenny Gates and Michel Lambot. This follows UMG’s initial acquisition of 49% of [PIAS] in 2022 after forming a strategic alliance with the company in 2021. The financial details of the latest deal remain undisclosed.

UMG is acquiring two main divisions within [PIAS]:

– [Integral], the label services division offering physical and digital distribution for independent labels, which will now merge with UMG’s Virgin Music Group.
– [PIAS] Label Group, which operates [PIAS]’s own and associated record labels, such as Play It Again Sam, harmonia mundi, Spinefarm, and several partner labels.

Following the acquisition, [PIAS] Label Group will remain a “completely autonomous” division but will operate as a client of Virgin Music Group/[Integral]. Gates will stay on as CEO under a new long-term contract, while Lambot will step down from his role but continue advising the company.

Said Gates: “I am selling my shares not my soul. Since agreeing 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.

“The decision by myself and Michel to relinquish our remaining shareholdings in the company is a pragmatic one that will allow us to offer a truly global distribution and services platform to the independent music community. Our existing leadership team will continue to steer our day-to-day work and nothing will change culturally or commercially for our existing clients and partners; we will still maintain the same values that we have lived by since our launch over 40 years ago.”

Lambot added, “Our initial agreement with UMG in 2021 was always going to be a learning experience for both parties in terms of how we could align our individual cultures and whether that would work. If I’m honest I did have some concerns as to whether it was even possible but 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.

“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.”

UMG Chairman and CEO Sir Lucian Grainge highlighted the long-standing relationship between UMG and [PIAS], “I’ve known Kenny and Michel for decades, beginning in the 80s when we were all signing bands from emerging scenes in Europe. Since that time, Kenny and Michel have built [PIAS] into a company that stands for authenticity and the best in independent music. 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.” Boyd Muir, UMG’s EVP and CFO, and JT Myers, Co-CEO of Virgin Music Group, echoed this sentiment, celebrating the partnership and the strength of [PIAS]’s operations.

With its headquarters in London and Brussels, [PIAS] has 16 offices worldwide and employs 300 people. Founded by Gates and Lambot 42 years ago, [PIAS] has a rich legacy in supporting independent artists and labels globally.