The founders of indie label group have sold their remaining shares to Universal Music Group (UMG), making UMG the majority shareholder. The deal includes the merger of Virgin Music Group and ’s services division, which will provide world-class services to independent music labels.
The founders of indie label group have announced they are selling the remaining shares they hold in the company to Universal Music Group (UMG), making the music giant the firm’s majority shareholder. In 2022, UMG acquired a 49% stake in the company for an undisclosed sum, with Gates and Lambot retaining majority control.
Details that have been confirmed as part of the new arrangement include the merger of Virgin Music Group and ’s services division, which provides physical and digital distribution services to more than 100 indie label partners including ATO, Beggars Group and Secretly Group. The newly combined teams will provide “independent entrepreneurs with world class services and access to a bespoke, stand-alone international distribution network,” said . Reps for the firm and UMG declined to comment when asked if the merger would result in any job losses. The Label Group, which includes the indie labels Play It Again Sam, harmonia mundi, Spinefarm, Source and partner imprints such as ATO, Heavenly, Mute and Transgressive, will remain completely autonomous, said the company. Artists signed to or distributed by those labels include [Insert artist names]. “I am selling my shares not my soul,” said Gates, who will remain CEO of and sit on the Virgin Music Group main board and advisory group, in a statement
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