Official press releases from Universal Music Group or Virgin Music Group

Universal Music's Virgin Group Acquires Downtown Music for $775M in 2025

Dec 16, 2024, 05:15 PM

Universal Music Group's Virgin Music Group has announced the acquisition of Downtown Music Holdings for $775 million in cash. This strategic move aims to enhance the offerings for the independent music community by combining two leading providers of client services and music technology. The acquisition, subject to regulatory approvals, is expected to close in the second half of 2025. Downtown Music Holdings, established in 2007, operates across six continents with core divisions in Artist & Label Services, Distribution, Royalties & Financial Services, and Music Publishing. Its portfolio includes notable businesses like FUGA, CD Baby, and Songtrust. Justin Kalifowitz, Andrew Bergman, and Pieter Van Rijn have built Downtown Music into one of the most diversified and respected operations in the world, according to JT Myers, Co-CEO of Virgin Music Group. Nat Pastor, Co-CEO of Virgin Music Group, emphasized that this acquisition is an investment into the global independent music ecosystem, with both companies continuing to operate independently until the deal's closure.