Published Aug 13, 2007The Universal Music Group, the largest of the major record labels, has announced it has come to an agreement to purchase the V2 Music Group (founded by Richard Branson) from Morgan Stanley. Though details have not been disclosed, the deal has been reported at the tune of $15 million (CDN).
About the deal, in a statement Universal chairman and CEO Lucian Grainge said: "V2 is recognised as a pioneer in independent music with a diverse artist roster that spans many musical genres. By applying our expertise in artist development and in the digital space, we'll be able to maximise and enhance the opportunities for its artists even further."
Translated: he means one day he will own all of the music of the world.
Drowned in Sound pointed out exactly what Universal's takeover of V2 includes. As well as being able to pick and choose from its roster, which includes Paul Weller, the Rakes, Underworld and Polaris Prize nominee Patrick Watson, "the music group will have a say over the umbrella operation that includes such independent labels as Bella Union, City Slang and Wichita Recordings."
As previously reported, V2's North American branch was made redundant and turned into a strictly-catalogue operation. No word has been given on whether Universal's acquisition will affect that.
The Rakes "We Danced Together"