The much speculated upon purchase of Co-Operative Music by PIAS has gone ahead, according to reports. It's been a long, drawn out tale.
Co-Operative Music is a group aimed at allowing independent labels to unite for common goals. Previously controlled by Universal's parent Vivendi, PIAS were widely linked with a buy out as 2012 drew to a close.
This morning (February 27th) it seems that the takeover has been confirmed. Music Week reports that the deal has been finalised, with PIAS now gaining control of Co-Operative Music. Part of the latest round of changes at Universal, the Co-Op deal effects prominent independent labels such as Bella Union, Moshi Moshi and more.
The deal provoked no small measure of controversy last year, with some key players in the independent sector adding their names to a series of open letters. Heavenly Recordings’ Jeff Barrett and Lucky Number Music’s Stephen Richards united to express their "alarm" at the deal.
A union between PIAS and Co-Op would - they argued - “result in a key independent player on the music market being simply shot down by another and as a result, choice will be restricted in the future and businesses will suffer from it.”
More on this as it comes in.