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.
Universal Music Group’s Virgin Music Group said on Monday it agreed to buy Downtown Music Holdings for $775 million cash in a deal that will bolster the world’s largest music company’s slice of the independent music segment.Founded in 2007 in New York, Downtown Music Holdings is the parent company of the direct-to-creator distributor CD Baby, and the direct-to-business technology and distribution platform FUGA, as well as SongTrust and several other companies.
“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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