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Universal Music Group’s (UMG) Virgin Music Group has acquired Downtown Music Holdings for $775 million, the companies announced today.
In a move aimed at expanding its global reach and increasing its presence in the industry, UMG will now own a significant stake in Downtown Music Holdings, which is a leading independent music company with operations in both Europe and Asia. The acquisition was announced following discussions between the two parties over the past few months.
“We are thrilled to welcome Downtown to the Virgin Music Group family,” said Max Lousada, CEO of UMG’s Virgin Music Group. “This acquisition demonstrates our commitment to building a stronger global presence and supporting independent artists in their creative endeavors.”
Downtown Music Holdings has been a major player in the industry for over 20 years, with operations spanning across both Europe and Asia. The company boasts an impressive portfolio of clients, including notable artists such as Kanye West and Daft Punk.
The acquisition is expected to bring significant value to both companies, allowing UMG to expand its reach in key markets while also gaining access to Downtown’s extensive network of industry connections and talent.
In a statement, the CEO of Downtown Music Holdings, Steve Gottlieb, emphasized the benefits of the partnership. “Joining forces with Virgin Music Group represents an incredible opportunity for us to further our mission of empowering artists and creators,” he said.
Source: www.billboard.com
