Warner Music Group believes that it can make $70 million (£45.3m) in cost-savings related to its acquisition of Parlophone Label Group this year.

In an extensive memo to staff that also revealed WMG will treat Parlophone as a new frontline label alongside Atlantic and Warner Bros, company CEO Stephen Cooper said that regulatory approval for the deal had already been reached in the US and Brazil.

He sais that cost synergies would include the integration of the two companies' ...