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Topic History of: Another one bites the dust - V2 gone
Max. showing the last 5 posts - (Last post first)

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Geezer

NEW YORK, Aug 10 (Reuters) - Vivendi's (VIV.PA: Quote, Profile , Research) Universal Music Group said on Friday it would buy entrepreneur Richard Branson's V2 Music Group in a deal that would add artists Paul Weller and Stereophonics to the Universal portfolio.

Financial terms were not disclosed. Branson owns a 5 percent stake after selling off about 95 percent to Morgan Stanley in 2006.

One source familiar with the matter said the purchase price was about 7 million pounds ($14 million).

A separate source said the purchase price was likely higher since rival bids ran as high as the mid-teens millions.

V2, founded in 1996, was Branson's second foray into the music industry he left after he sold Virgin Records to EMI Group (EMI.L: Quote, Profile , Research) in 1992.