Music Week has confirmed that Parlophone Label Group has been sold to Warner in an impressive all-cash transaction.

The company bought Parlophone for the incredible sum of £487 million ($765,221,100) and it was revealed that the closing of the transaction is expected to take place later this summer subject to EU regulatory approvals and consultations with employees.

Chairman and founder of Access Industries - owner of Warner Music Group, Len Blavatnik, said: “This is a very important milestone for Warner Music, reflecting our commitment to artist development by strengthening our worldwide roster, global footprint and executive talent.”

Stephen Cooper, CEO of Warner Music Group, also weighed in on the business transaction and added: “Having the Parlophone Label Group become part of our family represents a unique opportunity for us to join with legendary record labels and artists that are highly complementary to our existing organization from a creative, geographic and strategic standpoint."

"We are committed to making this a great outcome for Parlophone’s artists and employees, who will find in WMG a similar spirit and culture that is dedicated to providing the most supportive and innovative home for recording artists. The continuation of the Parlophone legacy and brand are central to the future success of this combination, and we are proud to have them join us.”

Parlophone's current artist roster includes some huge acts, such as Coldplay, Daft Punk, David Guetta, Kylie Minogue, and Tinie Tempah. 

Watch Coldplay perform 'Paradise' live during their 2012 Mylo Xyloto tour here: