Universal Music has announced the sale of landmark British record company Parlophone Label Group to the Warner Music Group.

The official figure for the move was a reported $500 million (£300-plus) after a bidding war between Warner, Fuller/Blackwell, and a joint investment from Sony and BMG.

Parlophone Label Group was sold after Universal’s £1.2 billion buyout of EMI last year, under the amalgamation of Parlophone.

Several notable artists with Parlophone Label Group include Coldplay, Blur, Chemical Brothers, Lady Antebellum, David Guetta and many others.