Shearman & Sterling is advising Vivendi on the £487 million sale of Parlophone Label Group, by its subsidiary Universal Music Group, to Warner Music Group.
The Parlophone Label Group comprises the Parlophone and Chrysalis labels as well as EMI recorded music operations in Belgium, Czech Republic, Denmark, France, Norway, Portugal, Spain, Slovakia and Sweden. Parlophone’s artists include Coldplay, Duran Duran, Iron Maiden, Kylie Minogue, Pink Floyd and Pet Shop Boys.
Parlophone was part of EMI’s Recorded Music Business, which Universal Music Group bought from Citigroup last year. Following that acquisition, Universal Music Group retained EMI labels such as Virgin and Blue Note as well as artists such as The Beatles, Robbie Williams, The Beach Boys, Norah Jones and Smashing Pumpkins.
French media and telecommunications conglomerate Vivendi has over 58,300 employees worldwide and, in 2011, achieved revenues of €28.8 billion and adjusted net income of €2.95 billion. The group includes Universal Music Group, Maroc Telecom Group, GVT (one of the main broadband operators in Brazil), French pay-TV Canal+ Group as well as video game producer Activision Blizzard and French telecoms operator SFR.
The Shearman & Sterling team includes partners Jeremy Kutner (London-Mergers & Acquisitions) and Clare O’Brien (New York-Mergers & Acquisitions), counsel Simon Letherman (London-Tax) and associate Rebecca Lyne (London-Mergers & Acquisitions). Other lawyers involved in the transaction include partners Robert Roberts (New York-Capital Markets) and Steven Sherman (New York-Finance), counsel Harald Halbhuber (New York-Capital Markets) and associate Jack Prytherch (London-Tax).
