A major label recording company started by Philips as a holding company for its music interests in 1945. In 1962, PPI and DGG formed the Gramophon-Philips Group (GPG), with Philips taking a 50% share in DGG and Siemens a 50% share in PPI. In 1972 the companies formally merged to form PolyGram, of which Philips and Siemens each owned 50%. In 1977 both organisations merged operationally, integrating the recording, manufacturing, distribution and marketing into a single organization. In 1999, Philips sold PolyGram to Seagram and it was merged into Universal Music Group. The name survives via reissue of music under the Polydor Records label.