Universal Music Group has sold off more of EMI's former assets, as part of the conditions of the UMG-EMI deal. According to Music Week, UMG has sold indie label support company Co-Operative Music, to [PIAS], while the European rights to the NOW! series of compilations have gone to Sony MusicEntertainment.
Universal did not disclose details of the NOW!-Sony sale, but UMG International COO Max Hole said in a statement that the deal "demonstrates the value we have been able to unlock through the targeted divestment of quality assets." Bloomberg notes that the deal is valued at approximately $60.5 million.
Sony International Chairman/CEO Edgar Berger added, "NOW is one of the most famous and successful brands in music. We are delighted to have acquired EMI's interests in the NOW brand in Europe and will work with Universal Music and our other partners across the industry to build the next chapter in NOW''s history."
Music Week also reports that UMG has made seven divestments of EMI assets, aside from its deal for Parlophone, going to six different buyers for approximately $68.264 million. However, a few of these deals have yet to be formally announced.