The Parlophone music label that is home to artists including Coldplay, Tinie Tempah and Kylie Minogue is being bought by Warner Music Group for £487m.
Parlophone – formerly a part of EMI Music – was put up for sale due to regulatory issues after Universal Music's acquisition of EMI for £1.2bn last September.
Its sale price is more than the £300m expected in the market.
Russian billionaire Len Blavatnik, whose Access Industries group bought Warner Music in 2011, said it was a "very important milestone" for the firm, "reflecting our commitment to artist development by strengthening our worldwide roster, global footprint and executive talent".
Artists such as Air and Radiohead will now join Warner's roster.