Diagram of ownership for Warner Bros

Warner Music Group

Conglomerate:  is the combination of two or more corporations engaged in entirely different businesses that fall under one corporate group, usually involving a parent company and many subsidiaries. Often, a conglomerate is a multi-industry company. Conglomerates are often large and multinational. Time Warner is an example of a conglomerate company. 

Examples of Conglomerates:  The Walt Disney Company, Time Warner, CBS Corporation & Viacom , and 21st Century Fox 

A parent company is a company that controls other, smaller businesses by owning an influential amount of voting stock or control. Parent companies are typically larger firms that exhibit control over one or more small subsidiaries in either the same industry or complimentary industries.

• Warner Music Group (abbreviated as WMG, commonly referred to as Warner Music or WEA International) is an American multinational entertainment and record label conglomerate headquartered in New York City
•  It is one of the "big three" recording companies and the third largest in the global music industry, next to Universal Music Group (UMG) and Sony Music Entertainment (SME), being the only American music conglomerate worldwide. 
• Formerly owned by Time Warner, the company was publicly traded on the New York Stock Exchange until May 2011, when it announced its privatization and sale to Access Industries, which was completed in July 2011. 
• With a multibillion-dollar annual turnover, WMG employs in excess of 3,500 people and has operations in more than 50 countries throughout the world.

Companies owned by Warner Music Group

• Atlantic Records - specialising in jazz, R&B and soul recordings by African-American musicians including Aretha Franklin, Ray Charles, Wilson Pickett, Sam and Dave, Ruth Brown and Otis Redding
• Parlophone Records - a German-British major record label founded in Germany in 1896 by the Carl Lindström Company as Parlophon. The British branch of the company was founded in 8 August 1923 as The Parlophone Co. Ltd., which developed a reputation in the 1920s as a leading jazz record label. On 5 October 1926, the Columbia Graphophone Companyacquired Parlophone's business, name and release library, and later merged with the Gramophone Company on 31 March 1931 to become Electric & Musical Industries Limited (EMI). George Martin joined EMI in 1950 as assistant label manager, taking over as manager in 1955. Martin produced and released a mix of product including comedy recordings of The Goons, the pianist Mrs Mills, and teen idol Adam Faith. In 1962, Martin signed the Liverpool band The Beatles, and during the 1960s, with artists such as Cilla Black, Billy J. Kramer, The Fourmost, and contemporary Manchester band The Hollies also signed to the label, Parlophone became one of the world's most famous and prestigious record labels. For a long time, Parlophone claimed the best-selling UK single "She Loves You", and the best-selling UK album Sgt. Pepper's Lonely Hearts Club Band, both by The Beatles. The label also achieved placement of seven singles at No. 1 during 1964, when it also claimed top spot on the UK Albums Chart for 40 weeks. Parlophone continued as a division of EMI, until it was merged into the Gramophone Co. Ltd. on 1 July 1965. On 1 July 1973, the Gramophone Co. Ltd. was renamed as EMI Records Limited.
• Rhino Entertainment - Founded in 1978, Rhino was originally a novelty and reissue label during the 1970s and 1980s. It released compilation albums of pop, rock & roll, and rhythm & blues successes from the 1950s through the 1980s, as well as novelty-song LPs (compiled in-house or by Dr. Demento) and retrospectives of famous comedy performers, including Richard Pryor, Stan Freberg, Tom Lehrer, and Spike Jones. Rhino Entertainment Company is an American specialty record label and production company founded in 1978. It is currently the catalog division for Warner Music Group.