In 1922, Columbia Phonograph, as the American Columbia Records was then known, sold its UK subsidiary Columbia Graphophone. However, in 1925 Columbia Graphophone bought its former parent for $2.5 million. In 1926, both Odeon Records and Parlophone Records were acquired. On 21 April 1931, the Gramophone Company and the Columbia Graphophone Company merged and formed a new company, Electric and Musical Industries (EMI). American anti-trust laws forced EMI to sell its American Columbia operations.