The founders of indie label group [PIAS] have announced they are selling the remaining shares they hold in the company to Universal Music Group (UMG), making the music giant the firm’s majority shareholder. In an announcement on Tuesday (Oct. 15), Kenny Gates said he and his [PIAS] co-founder Michel Lambot were selling their shares to UMG, which acquired a 49% stake in the company in 2022, to “allow us to offer a truly global distribution and services platform to the independent music community.” Related
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