Universal Music Group has announced plans to buy V2 Music Group from Virgin Group for an undisclosed amount of money, although some speculations put the sum at around $14 million. Others say it the price was higher, as rival bids for V2 came in higher than that.
The deal would have to be approved by government regulators.
“V2 is recognized as a pioneer in independent music with a diverse artist roster that spans many musical genres. As such, V2’s roster will complement our existing business. By applying our expertise in artist development and in the digital space, we’ll be able to maximize and enhance the opportunities for its artists even further,” said Lucian Grainge, Chairman and CEO of Universal Music International.
V2 includes independent labels like Bella Union, City Slang and Wichita Recordings. Artists on V2 include Bloc Party, Mercury Rev, Peter Bjorn and John, Go Team! and Paul Weller.