2oceansvibe News | South African and international news

Sponsored by RSAWeb rss
2ov Radio
  • Home
  • About
    • Terms and Conditions
    • Seth Rotherham
  • du Cap Collection
  • Café du Cap
  • Cabine du Cap
  • Media Packs / Advertising
  • Contact
    • Contact
    • Anonymous Tips
    • Twitter
    • Facebook
Seth Rotherham
  • Is Richard Branson Buying Back Virgin Records?

    18 Jul 2012 by Jasmine Stone in Business, Economics, Finance, Money
    Related Posts
    • Man Arrested For Driving Into Police Station While Blasting 'Welcome To The Jungle' [Watch]
    • Take A Look At U2's Opening Experience Inside The Las Vegas Sphere [Video]
    • The Kiffness Is Taking Over Europe With Sold-Out Shows [Video]
    • Grab Your Bell-Bottoms - Cher Is Back With A Christmas Album
    • Mzanzi Youth Choir To Proudly Grace America's Got Talent Season 18 Final As Part Of Top 11 Acts Chosen [Video]

    Billionaire Richard Branson, founder of the Virgin Group, has expressed his interest in buying back the business that started it all, Virgin Records.

    Vivendi’s Universal Music Group are currently seeking approval from European regulators for its proposed $1,9 billion bid for EMI’s recorded music business, which owns Virgin Records. Much of the needed approval hangs on a set of concessions, amongst them the sale of some record labels.

    Branson, who started Virgin Records in 1970, recently held talks with Patrick Zelnik, the man who runs French independent label, Naive Records and launched Virgin Records in France in 1980. It is believed that if Branson does make a bid for his former-business, that he will do it with Zelnik.

    “If Universal is ready to sell Virgin Records, then Richard Branson will support a transaction and support me in doing it,” Mr Zelnik told the Financial Times. “He wants Virgin to be in my hands,” he said, adding that he would merge Naive and Virgin Records if he succeeded.

    At this stage talks are still in their preliminary stages at best, and the offer may only include Virgin’s European assets as Virgin in the US is part of EMI’s Capitol Records. Even so, it seems that Branson is excited at the prospect of getting back into the industry after a two decade absence.

    “Richard Branson and Virgin have been assessing how to get back into the recorded music business for many years. The potential disposal of Virgin Records by Universal Music offers a wonderful opportunity to recreate a dynamic independent label in the market,” a Branson spokesman told THR.

    The potential deal still has many hurdles to clear, least of which is the support of the Impala, a trade group representing independent music labels of which Zelnik is co-president. Zelnik believes that an acquisition like this “could be just what the sector needs” if certain terms were met. Despite his enthusiasm, other members were not convinced, and the organisation failed to break a deadlock with a two-thirds majority on Monday after only 14 of 24 members voted in favour of the deal.

    “Our board took a clear decision yesterday to continue its opposition to the Universal/EMI merger, rejecting remedies which do not deal with the specific problems set out in the EC’s statement of objections. The issue isn’t just digital, it’s physical and access to media-exposure for new artists, as well as the foreclosure of independents when it comes to signing artists,” [Helen Smith, Impala’s executive chair] said, adding: “We all respect Patrick Zelnik’s view, but the FT article is the Naive position, not the Impala position.”

    The article mentioned was written by Zelnik earlier in the week and expressed his belief that a merger could “rescue the music business”.

    Branson started Virgin Records in 1970, but was forced to sell it in 1992 when Virgin Atlantic’s battle with British Airways had become too costly. The record shop was the first business to bear the Virgin name and was the first block of what would later become a multi-billion dollar enterprise which incorporated ventures from multiple industries.

    [Sources: THR, FT]

    • ← Wednesday Morning Spice
    • Nando’s Wish Madiba Happy 94th Birthday →
    • Tweet
    • Tags:
    • Branson
    • EMI
    • merger
    • Music
    • richard branson
    • sir richard branson
    • Virgin Group
    • Virgin Records

    Latest News

    • Migrants Trying To Reach The UK Are Crossing The Alps On Foot

      [imagesource:wikicommons] These days we've become almost too used to stories that featu...

    • Holy Moly, Woolworths’ Execs Earned Eye-Watering Amounts In 2023

      [imagesource:capetownairport] According to Woolworths' annual remuneration report for 2...

    • Die Antwoord’s Yolandie Vi$$er Says Ninja And Russel Brand Are The “Same Cult”

      [imagesource:wikicommons] Die Antwoord have been quiet since news broke of their allege...

    • Victoria Beckham Finally Breaks Silence On David’s Affair With PR Assistant 20 Years Ago

      [imagesource:flickr] After 20 years, Victoria Beckham has finally spoken openly about t...

    • Joburg Denounced As “World-Class African City” After Man Caught Peeing From Moving Car [Video]

      [imagesource:flickr] A video has gone viral showing a Joburg man relieving himself whil...


    • 2oceansvibe Partners

    • CONTACT US
    • GOT A HOT STORY?
    • 2oceansvibe Radio
    • 2oceansvibe Media
    • Media Pack
    • Seth Rotherham
    • Café du Cap
    • Cabine du Cap
    • Cape Town City Accommodation
    • Terms & Conditions
    • Business
    • Media
    • Entertainment
    • Tech/Sci
    • World
    • Travel
    • Lifestyle
    • Sport
    • Politics
  • Follow

    2oceansvibe.com is part of the 2oceansVibe Media Group

    DMMA Logo