Talking of Universal - are they planning on taking over every independent record label in existence? Hot on the tails of the biggest major's acquisition of the Sanctuary Music Group, news this weekend that Universal has now reached an agreement with Morgan Stanley to acquire the V2 Music Group. As previously reported, Morgan Stanley took complete control of the London based independent last year when it bought out Richard Branson's Virgin Group (although Branson himself still has a 5% stake).
Confirming the deal to acquire the indie, Universal Music International boss Lucian Grainge said on Friday: "V2 is recognized as a pioneer in independent music with a diverse artist roster that spans many musical genres. 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".
It is unclear whether Universal's acquisition of V2, which has the likes of Stereophonics, Paul Weller, and Elbow on its roster, will require any regulator approval. It is also currently unclear what impact the takeover will have on the independent, or its Co-Operative Music division, which works in collaboration with other smaller indies like Bella Union, City Slang and Wichita Recordings.
The US division of V2 is not part of the Universal deal. As also previously reported, it was previously sold to Sheridan Square and subsequently all but ceased trading.