Warner buys Vivendi's Parlophone label

Warner Music Group signed a definitive agreement to purchase the Parlophone Label Group from Universal Music Group, a subsidiary of Vivendi, for about $765 million, the companies announced Thursday.

The deal implements a requirement by European Commission antitrust regulators that directed Vivendi to divest significant assets following its $1.9 billion acquisition of EMI Music, a major music label.

Under the deal, Warner Music Group will acquire Parlophone's recordings catalogue and an artist roster that includes Radiohead, Duran Duran, Kylie Minogue, Edith Piaf and Itzhak Perlman, WMG said in a news release.

"This is a very important milestone for Warner Music, reflecting our commitment to artist development by strengthening our worldwide roster, global footprint and executive talent," said Les Blavatnik, chairman of Access Industries, which controls Warner Music.

Vivendi said in a statement that its EMI acquisition reinforces the company's position as "the world's largest major" and enlarges its presence in some 60 countries.