Warner Swamped By Parlophone Bids

Warner Music Group has taken more than two years to hive off some of the assets it acquired when buying Parlophone Label Group because it’s been swamped with bids for them.

The label, which said it would sell a “significant portion” of PLG assets to indie music companies, has written to indie music organization IMPALA to explain that it’s received bids from more than 140 independent businesses.

“I realise that there is a good deal of frustration at how long the process has taken so far. That goes for us as well as you,” the email to IMPALA said, according to Music Business Worldwide. MBW also says Warner anticipates that it will be able to get at least some of the deals inked by the end of this summer.

Warner is unlikely to drag its heels as it stands to recoup about 30 percent of the $723 million it paid for Parlophone.