According to a press release issued on Wednesday, under their new agreement, “[PIAS] will remain fully independent, and its founders Kenny Gates and Michel Lambot will retain majority control of the company." The release adds that “UMG will have no seats on the company’s board." Commenting on the deal, Sir Lucian Grainge, Chairman & CEO, Universal Music Group, said: “While much of the past was focused on ‘majors versus indies,’ it’s clear that today, the important divide in our industry is about those committed to artist development versus those committed to quantity over quality. We share Kenny and Michel’s passion for developing artists and moving culture, and we recognise that a healthy music ecosystem needs companies like [PIAS] who are committed to amplifying the best voices in independent music.” This is coming from the guy who paid himself £150 million in salary in 2021. Kenny Gates, Co-Founder and CEO of [PIAS] said: “These days we are competing with finance and tech giants and a partner like Universal Music Group provides the additional support for us to compete and grow." It's a fascinating development, which alludes to the changing music market dominated by catalog acquisition companies and upstart disruptors funded by big corporate finance. That [PIAS] feel the need to lean on UMG for (quote on quote) "support," as one of the biggest indies, is potentially concerning for the health of the sector. Via MBW