Virgin Music Group to acquire Downtown Music for $775m.

Virgin Music Group, a global record label, agreed to acquire Downtown Music, an independent rights management and music services company, for $775m. "Justin Kalifowitz, Andrew Bergman and Pieter Van Rijn have built Downtown Music into one of the most diversified and respected operations in the world. 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," JT Myers, Virgin Music Group Co-CEO.