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UMG’s Virgin Music Group Acquires Downtown For $775 Million
Universal Music Group's Virgin Music Group agreed to buy Downtown Music Holdings for $775 million in a bid to bolster its indie music sector slice.
Billboard reported in June that Downtown’s board of directors was considering a sale, as its long-time backer the family of the late Douglas Myers was looking to sell its stake. “[Downtown executives] Justin Kalifowitz, Andrew Bergman and Pieter Van Rijn have built Downtown Music into one of the most diversified and respected operations in the world,” said JT Myers, co-CEO of Virgin Music Group, in a statement announcing the deal. “This combination enables us to expand on the Downtown legacy and offer the independent music community a dynamic and innovative global infrastructure both in terms of service offering and territorial footprint, and we look forward to working with the Downtown team to serve independent entrepreneurs, artists and creators with an even broader portfolio of services.”
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