The extensive catalog of rock giant Pink Floyd was purchased by Warner Music for $765 million from the Parlophone record label.
Parlophone was a subsidiary of EMI, which, given its recent indebtedness, was forced to unload some of its assets.
"It's going to make for a healthier, more competitive marketplace," Steve Greenberg, founder and chief executive of independent S-Curve Records, told Rolling Stone magazine.
"It enables them to have more of a seat at the table, and makes it less likely that someone can start a new version of Spotify - or something we haven't thought of yet - just with Sony and Universal."
Warner, which, according to Nielsen SoundScan, accounted for 20% of album sales in 2012, should now be in a better place to compete with its biggest rivals Universal and Sony following the transaction.
by RTT Staff Writer
For comments and feedback: email@example.com