Downtown Music CEO Blasts ‘Misinformation’ Around Virgin Acquisition: ‘It’s Disappointing’

Downtown Music CEO Blasts ‘Misinformation’ Around Virgin Acquisition: ‘It’s Disappointing’

As opposition to the $775 million acquisition of Downtown Music Holdings by Virgin Music Group heats up, Downtown CEO Pieter van Rijn says the controversial deal has attracted more attention because of the buyer’s owner, Universal Music Group (UMG), than it has for the benefits musicians would enjoy from the combination. In an open letter obtained by Billboard, which arrived as the European Commission investigates the acquisition’s potential e…

As EU hits pause on UMG Downtown investigation after “parties fail to provide important info”, Downtown boss whines about “misinformation”

The European Commission has temporarily paused its competition investigation into Universal Music’s big Downtown Music deal after one or more of the parties involved failed to provide an “important piece of information” that the Commission had requested “within a prescribed deadline”. In what must be sheer coincidence, the pause was announced the day before Downtown CEO Pieter van Rijn - in a lengthy open letter provided to Universal-aligned tra…

Downtown Music promises ‘data protection’ if VMG deal goes through

As regulators continue to mull whether UMG’s Virgin Music Group should be allowed to buy Downtown Music Holdings, the CEO of Downtown Music has made a public intervention in the debate.  Pieter van Rijn’s open letter pitched the deal’s merits, saying that “together with Virgin, Downtown clients would be able to tap into a broader range […] The post is from Music Ally.

Downtown CEO responds to UMG takeover concerns

Downtown Music chief executive Pieter van Rijn has published an open letter defending Universal Music Group’s proposed $775 million acquisition of the company, which is under investigation by the European Commission. The Commission announced in April that it was preparing to examine the deal, and in July it confirmed that an in-depth Phase II inquiry had begun. A final decision is expected by 26 November. The regulator can approve the merger wit…

Downtown Music boss speaks out on UMG deal: ‘The debate must be honest. It must be about facts, not agendas.’

UMG’s Virgin Music Group revealed in December that it had agreed to buy Downtown LLC in a $775m deal, which is currently under Phase II investigation by the European Commission. Source