Universal Music Group (UMG) has purchased PIAS, one of Europe’s largest independent labels. After acquiring 49% of the company in 2022, the multinational has already become the largest shareholder of PIAS.
PIAS Recordings was founded in 1983 by Kenny Gates and Michel Lambot, becoming one of the most expansive indie labels in Europe. In this way, after the purchase of Universal, PIAS has announced that Gates will maintain his position as CEO and that all of its labels will continue to be fully autonomous. “I’m selling my shares, not my soul,” Gates clarified in a press release.
Lambot, co-founder of PIAS, has admitted that he had “some concerns about whether it was possible” to work with Universal Music Group. However, he expressed his peace of mind: “I am happy to say that I was wrong and our two companies have a lot in common,” he declared.
Gates also added that “nothing is going to change culturally or commercially for our customers and partners.” However, according to Pitchfork, when asked if the acquisition would mean the loss of jobs, representatives of PIAS and UMG have decided not to offer comments.
