Among the other companies that had competed for the recorded music business was Warner Music Group which was reported to have made a $2 billion bid. In 2011, EMI agreed to sell its recorded music operations to Universal Music Group for £1.2 billion ($1.9 billion) and its music publishing operations to a Sony-led consortium for $2.2 billion. In January 2011, UMG announced it was donating 200,000 master recordings from the 1920s to 1940s to the Library of Congress for preservation. Starting in 2011 UMG's Interscope Geffen A&M Records began signing contestants from American Idol. With Grainge's appointment as CEO at UMG, Max Hole was promoted to COO of UMGI, effective July 1, 2010. Morris became the next chairman of Sony Music Entertainment on July 1, 2011. Grainge later replaced him as chairman on March 9, 2011. Former chairman/CEO of Universal Music International Lucian Grainge was promoted to CEO of the company. ĭoug Morris stepped down from his position as CEO on January 1, 2011. In 2008, Universal Music Group agreed to make its catalog available to Spotify, then a new streaming service, for use outside the U.S. The company represents artists such as Justin Bieber, Lady Gaga, and Kanye West, and has partnered with retailers including Barneys, Bloomingdale's and Selfridges. In June 2007, UMG acquired Sanctuary, which eventually became UMG's entertainment merchandising and brand management division, Bravado. On September 6, 2006, Vivendi announced its €1.63 billion ($2.4 billion) purchase of BMG Music Publishing after receiving European Union regulatory approval, the acquisition was completed on June 25, 2007. In February 2006, Vivendi (which own UMG since 2000) purchased the remaining 20 percent of UMG from Matsushita Electric. This came two months after the separation of Warner Music Group from Time Warner. In May 2004, Universal Music Group was cast under separate management from Universal Studios, when French media conglomerate Vivendi sold 80% of the latter to General Electric, who subsequently merged it with NBC to form NBCUniversal. 2004: Consolidating into a Vivendi subsidiary In May 1998, Seagram purchased PolyGram and merged it with Universal Music Group in early 1999. On December 9, 1996, the company was renamed Universal Studios, Inc., and its music division was renamed Universal Music Group MCA Records continued as a label within the Universal Music Group. In 1995, Seagram acquired 80 percent of MCA from Matsushita. In November 1990, Japanese multinational conglomerate Matsushita Electric agreed to acquire MCA for $6.59 billion. of England spun American Decca off in 1939. The company's origins go back to the formation of the American branch of Decca Records in September 1934 and its name and company logo originates from Carl Laemmle's " Universal Pictures", with which the music business shares a common history but which is today as part of NBCUniversal an independent commercial entity.
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įor history prior to 1996, see MCA Records Early history In 2019, Fast Company named Universal Music Group the most innovative music company and listed UMG among the Top 50 most innovative companies in the world and "amid the music industry's digital transformation, Universal is redefining what a modern label should look like." UMG has signed licensing agreements with more than 400 platforms worldwide. The company went public on Septemat a valuation of €46 billion. Pershing Square Holdings later acquired ten percent of UMG prior to its IPO on the Euronext Amsterdam stock exchange. Tencent acquired ten percent of Universal Music Group in March 2020 for €3 billion and acquired an additional ten percent stake in January 2021. The biggest music company in the world, it is one of the " Big Three" record labels, along with Sony Music and Warner Music Group.
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UMG's corporate headquarters are located in Hilversum, Netherlands and its operational headquarters are located in Santa Monica, California.
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(often abbreviated as UMG and referred to as just Universal Music) is a Dutch–American multinational music corporation.