By Douglas Holtz-Eakin
The young drop coverage to avoid higher premiums
Universal Music Group is selling Parlophone _ the label of acts like Coldplay, David Guetta and Radiohead _ to Warner Music Group for 487 million pounds ($765 million).
What do pop-music rivals Rihanna and Katy Perry have in common? Well, they could be working for the same team if a merger between their parent companies, Universal Music Group and EMI, gains approval from U.S. and European regulators.
"Following this transaction, we will continue with our global reinvestment program that is rebuilding EMI and ensuring that the company is able to reach its full potential," Grainge said in a statement Thursday.
"We are absolutely committed to investing in EMI as a distinct business that can help us develop even more music and choice for consumers and fans everywhere," Mr. Grainge said.
