BRUSSELS (dpa-AFX) - Virgin Music Group, a division of Universal Music Group (UMG.AS), on Friday said it has received approval from the European Commission for its $775 million acquisition of Downtown Music Holdings LLC, satisfying the final regulatory condition required to complete the transaction.
The deal is now expected to close in the coming weeks.
The transaction will combine two major providers of music services and technology, enhancing their offerings and expanding capabilities to better serve the independent music community. The combination will create a global end-to-end platform supporting independent artists, entrepreneurs and rights holders at every stage.
The merged group will offer a broader and more flexible suite of services spanning digital and physical distribution, marketing, business intelligence, neighboring rights, synchronization, royalties and publishing rights management.
Founded in 2007, Downtown serves more than 5,000 business clients and over four million creators across 145 countries. Its core divisions include Artist & Label Services, Distribution and Music Publishing, and its portfolio features businesses such as FUGA, Downtown Artist & Label Services, CD Baby, Downtown Music Publishing and Songtrust.
Upon completion of the transaction, Curve Royalties will be held as a separate business pending its divestment.
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