Virgin Music Group (VMG) and Downtown Music Holdings LLC have welcomed approval from the European Commission for VMG’s acquisition of Downtown, paving the way for the deal to complete in the coming weeks.
The transaction brings together two major providers of music services and technology, strengthening their combined ability to support the independent music community. The European Commission’s decision marks the final regulatory requirement needed before completion.
Once finalised, Virgin Music Group and Downtown will offer a global, end-to-end platform designed to meet the changing needs of independent artists, entrepreneurs, and rights holders at every stage of their careers. The combined business will provide a broader and more flexible suite of services, spanning digital and physical distribution, marketing, business intelligence, neighbouring rights, synchronisation, royalties and publishing rights management, with options ranging from high-touch support to self-service tools.
Founded in 2007, Downtown serves more than 5,000 business clients and over four million creators across 145 countries. The company operates across Artist & Label Services, Distribution, and Music Publishing, and its portfolio includes FUGA, Downtown Artist & Label Services, CD Baby, Downtown Music Publishing and Songtrust. Following the European Commission’s decision and the closing of the deal, Curve Royalties will be held as a separate business pending its divestment.
Nat Pastor & JT Myers, Co-CEOs of Virgin Music Group commented, "Bringing Downtown's exceptional team and capabilities to Virgin Music Group means greater flexibility and a sharper set of services for independent entrepreneurs, artists and labels. By uniting two culturally compatible companies with deeply complementary strengths, we're creating a more powerful, more open ecosystem that offers independent entrepreneurs the resources, investment, and technology to succeed on their own terms. We appreciate the European Commission's thoughtful review and look forward to welcoming our new Downtown partners and colleagues as we continue to empower the independent community together."
Pieter van Rijn, CEO of Downtown Music said, "By joining forces with Virgin Music Group, we're helping build a more diverse, dynamic and opportunity-rich environment—one that amplifies independence and expands the cultural impact of the extraordinary partners we serve. We're delighted to enter this next chapter of Downtown's evolution and work closely with Nat, JT and the wider Virgin team to continue championing independent music on a truly global scale."
No comments:
Post a Comment