'Universal Music Group Buys 49% Stake In PIAS Group

Buys 49% Stake In PIAS Group

Universal Music

Group (UMG) has struck a deal to acquire a 49% shareholding in PIAS Group, the leading

Financial terms

of the arrangement, announced early Wednesday (Nov

By taking

a minority stake in PIAS Group, UMG, the world’s leading major music company, expands

PIAS, or

Play It Again Sam, was founded in Belgium 1982 by Kenny Gates and Michel Lambot, both

Gates and

Lambot will retain majority control of the company, a joint statement reads, and UMG will

Headquartered in

London and Brussels, PIAS is said to be one of the largest independent and privately-owned

Today, PIAS

boasts 16 offices around the world with 300 employees

As PIAS

celebrates its 40th anniversary, Gates and Lambot insist the new arrangement will enable its artists,

Gates adds,

“These days we are competing with finance and tech giants and a partner like Universal

Universal made

it clear that they like us, they trust us and they need us, because they

Variety, Red Sea Honor

Nadine Labaki, Ranbir Kapoo