Universal Music Group (UMG) has bought one of Europe’s biggest independent music companies, PIAS.
After previously acquiring a 49 percent stake of the company in 2022, UMG will now be the majority shareholder of the label group, but PIAS CEO Kenny Gates is set to remain in his position. He also insisted that its labels will remain fully autonomous, saying in a statement: “I am selling my shares, not my soul.”
Michel Lambot, who co-founded PIAS with Gates, in 1983, added in a press release that he had initially had “some concerns as to whether it was even possible” to work alongside UMG. However, he continued: “I’m happy to say I was wrong – our two companies have lots in common including teams that share a real passion for music and our relationship to date has been fruitful, convivial and everything we hoped it would it be.”
PIAS controls its own label, Play It Again Sam, as well as label partners such as Mute, Heavenly and Transgressive. The takeover is also set to extend to the company’s services division, Integral, which, up to now, has distributed music for other independent music companies such as Beggars Group and Secretly Group. Those two organisations have now formed their own independent distributor, Cargo Independent Distribution, which was announced last month and begins operations in early 2025.
Speaking further on the deal with UMG, Gates said “nothing will change culturally or commercially for our existing clients and partners”, and he also said the new partnership has so far benefited artists affiliated with PIAS.
It’s not yet known whether there will be any job losses as a result of UMG’s takeover of PIAS.
