The colorful record exec, who launched V2 Records in 1996 four years after selling Virgin Records to Thorn EMI for $800 million, has sold 95% of his stake in the U.K. label to U.S. bank Morgan Stanley.
The bank has been a "significant equity holder" in V2 since 2002, when it converted $128 million in bonds into a 47.5% equity stake in the London-based independent label.
Branson is believed to retain the remaining 5%. According to a statement, his Virgin Group will maintain a "long term interest in the company's progress."
The
The record company’s
In 2005, Sheridan Square Entertainment acquired the assets of V2 North America, which is now distributed in the
The new deal signals the exit of Branson’s Virgin Group from the recording business. According to the statement, the entertainment conglomerate has "made the strategic decision to rationalize their portfolio of other content-led businesses." Virgin Group just made a deal with cable television operator
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