We hear from music publishing administration firm Songtrust that its parent company Downtown Music Holdings has completed its acquisition of, and merger with, Virgin Music Group. The combination was first announced in December, and is reportedly valued at $775 million.
Downtown’s founder, Justin Kalifowitz, is stepping away from the company he founded in 2007.
“Together, we are firmly positioned to be the best partner for independent music entrepreneurs, artists, and creators around the world — in spirit, values, and ambition.” — Virgin Music Group
In the first public statement from the combined company there is acknowledgment of a lengthy regulatory process for completion of the new arrangement. “We realize that the regulatory process for this deal was long. Yet throughout it all, our top priority has been to stay focused on you. We’re grateful for your trust and hope you’ve witnessed our commitment to the work we do for you as your partner.”