Philips Records and its associated Phonogram labels are now part of Universal Music, the name continuing to be licensed from the label's former parent company. The present organization was formed when its previous owner PolyGram was purchased by Seagram and then later merged into the Universal Music Group in 1998. The record labels and companies that were amalgamated into the Universal Music Group in 1998 were Polydor, Decca, Argo, A&M, MCA, Island Records and Verve - as well as Philips & Phonogram. Since then, many more labels have been incorporated.

The Chairman and CEO of Universal Music is Sir Lucian Grainge, the younger brother of Nigel Grainge who made a huge impact on disco record sales at Phonogram throughout the 1970s, before setting up his own label Ensign Records.

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