Universal’s Virgin Music Group to Acquire Downtown Music for $775 Million

variety.com:

Jem Aswad Executive Editor, Music In a long-rumored move, Virgin Music Group, the independent music division of Universal Music Group, announced today it has entered into a definitive agreement to acquire Downtown Music Holdings LLC for $775 million (approximately €737 million).

The acquisition, which is subject to regulatory approvals, is expected to close in the second half of 2025. “Justin Kalifowitz, Andrew Bergman and Pieter Van Rijn have built Downtown Music into one of the most diversified and respected operations in the world,” said JT Myers, Co-CEO, Virgin Music Group. “This combination enables us to expand on the Downtown legacy and offer the independent music community a dynamic and innovative global infrastructure both in terms of service offering and territorial footprint, and we look forward to working with the Downtown team to serve independent entrepreneurs, artists and creators with an even broader portfolio of services.” “On behalf of Andrew, Pieter and myself, it is very exciting for Downtown to be joining forces with Virgin Music,” said Justin Kalifowitz, Founder, Downtown Music Holdings. “This is a tremendous recognition of the importance and vitality of independent music, and the value that our company brings to its clients every day.

Downtown was established with the belief that artists and entrepreneurs everywhere and at every stage are entitled to the same tools and opportunities to succeed.