Get the latest gossip

Universal Music Group to Acquire Indie Label Group [PIAS]

Universal Music Group will acquired indie label group [PIAS], including labels like ATO, Beggars Group and Secretly Group.

In an announcement on Tuesday (Oct. 15), Kenny Gates said he and his [PIAS] co-founder Michel Lambot were selling their shares to UMG, which acquired a 49% stake in the company in 2022, to “allow us to offer a truly global distribution and services platform to the independent music community.” “Since agreeing [to] 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,” continued Gates, describing the decision to relinquish the founders’ remaining shareholdings in [PIAS] as a “pragmatic one.” “We are delighted by all that’s been accomplished over the past three years together, and we look forward to working with Kenny and Michel and their entire team, including their family of artists and labels, to further build [PIAS]’s legacy,” said UMG executive vp/CFO/president of operations Boyd Muir.

Get the Android app