Warner Music Group is the winning bidder for Parlophone, the record label behind Coldplay and Kylie Minogue, which Universal Music Group Inc. had put up for auction to satisfy European regulators.

The £478 million ($748.4 million) deal undercuts Warner’s rivals, such as Sony Corp., which had hoped to buy Parlophone as part of a package of assets that Universal needed to divest in order to win regulatory approval of its acquisition of the recorded music division of EMI.

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