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Universal Music Group
Universal Music Group N.V. (often abbreviated as UMG and referred to as Universal Music Group or Universal Music) is a Dutch–American multinational music corporation under Dutch law. UMG's corporate headquarters are located in Hilversum, Netherlands, and its operational headquarters are located in Santa Monica, California. The biggest music company in the world, it is one of the "Big Three" record labels, along with Sony Music Entertainment and Warner Music Group. Tencent acquired ten percent of Universal Music Group in March 2020 for €3 billion and acquired an additional ten percent stake in January 2021. Pershing Square Holdings later acquired ten percent of UMG before its IPO on the Euronext Amsterdam stock exchange. The French Bolloré family still owns 28 percent of UMG (18 percent directly, and ten percent through Vivendi, the Bolloré family's investment company). The company went public on September 21, 2021, at a valuation of €46 billion.
As of April 2024, UMG's catalogue includes over three million recordings and four million compositions.
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 originate from Carl Laemmle's Universal Pictures. Although the movie studio and the music business share a common history, today the former is part of Comcast and the latter an independent commercial entity. During World War II, many record companies donated their metal masters to recycling for the war effort. However, Universal was an exception and donated more than 200,000 of their historic master recordings to the Library of Congress. The Decca Record Co. Ltd. of England spun American Decca off in 1939. MCA Inc. merged with American Decca in 1962.
In November 1990, Japanese multinational conglomerate Matsushita Electric agreed to acquire MCA for $6.59 billion. In 1995, Seagram acquired 80 percent of MCA from Matsushita. 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 May 1998, Seagram purchased PolyGram and merged it with Universal Music Group in early 1999. Seagram's entertainment assets were then sold to French media conglomerate Vivendi in 2000, along with UMG.
In May 2004, Universal Music Group was cast under separate management from Universal Studios, when Vivendi sold 80% of Universal to General Electric, who subsequently merged it with NBC to form NBCUniversal. This came two months after the separation of Warner Music Group from Time Warner. In February 2006, Vivendi purchased the remaining 20 percent of UMG from Matsushita Electric. 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 June 2007, UMG acquired Sanctuary, which eventually became UMG's entertainment merchandising and brand management division, Bravado. In 2008, Universal Music Group agreed to make its catalogue available to Spotify, then a new streaming service, for use outside the U.S. on a limited basis.
Doug Morris stepped down from his position as CEO on January 1, 2011. Former chairman/CEO of Universal Music International Lucian Grainge was promoted to CEO of the company. Grainge later replaced Morris as chairman on March 9, 2011. Morris became the next chairman of Sony Music Entertainment on July 1, 2011. With Grainge's appointment as CEO at UMG, Max Hole was promoted to COO of UMGI, effective July 1, 2010. In January 2011, UMG announced it was donating 200,000 master recordings from the 1920s to 1940s to the Library of Congress for preservation. 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. 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. IMPALA opposed the merger. In March 2012, the European Union opened an investigation into the acquisition The EU asked rivals and consumer groups whether the deal would result in higher prices and shut out competitors.
On September 21, 2012, the sale of EMI to UMG was approved in the European Union and the United States by the European Commission and Federal Trade Commission respectively. However, the European Commission approved the deal only under the condition the merged company divest one third of its total operations to other companies with a proven track record in the music industry. UMG divested Mute Records, Parlophone, Roxy Recordings, MPS Records, Cooperative Music, Now That's What I Call Music!, Jazzland, Universal Greece, Sanctuary Records, Chrysalis Records, EMI Classics, Virgin Classics, and EMI's European regional labels to comply with this condition. UMG retained the Beatles (formerly of Parlophone) and Robbie Williams (formerly of Chrysalis). The Beatles catalogue was transferred to UMG's newly formed Calderstone Productions, while Williams' catalogue was transferred to Island Records.
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Universal Music Group
Universal Music Group N.V. (often abbreviated as UMG and referred to as Universal Music Group or Universal Music) is a Dutch–American multinational music corporation under Dutch law. UMG's corporate headquarters are located in Hilversum, Netherlands, and its operational headquarters are located in Santa Monica, California. The biggest music company in the world, it is one of the "Big Three" record labels, along with Sony Music Entertainment and Warner Music Group. Tencent acquired ten percent of Universal Music Group in March 2020 for €3 billion and acquired an additional ten percent stake in January 2021. Pershing Square Holdings later acquired ten percent of UMG before its IPO on the Euronext Amsterdam stock exchange. The French Bolloré family still owns 28 percent of UMG (18 percent directly, and ten percent through Vivendi, the Bolloré family's investment company). The company went public on September 21, 2021, at a valuation of €46 billion.
As of April 2024, UMG's catalogue includes over three million recordings and four million compositions.
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 originate from Carl Laemmle's Universal Pictures. Although the movie studio and the music business share a common history, today the former is part of Comcast and the latter an independent commercial entity. During World War II, many record companies donated their metal masters to recycling for the war effort. However, Universal was an exception and donated more than 200,000 of their historic master recordings to the Library of Congress. The Decca Record Co. Ltd. of England spun American Decca off in 1939. MCA Inc. merged with American Decca in 1962.
In November 1990, Japanese multinational conglomerate Matsushita Electric agreed to acquire MCA for $6.59 billion. In 1995, Seagram acquired 80 percent of MCA from Matsushita. 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 May 1998, Seagram purchased PolyGram and merged it with Universal Music Group in early 1999. Seagram's entertainment assets were then sold to French media conglomerate Vivendi in 2000, along with UMG.
In May 2004, Universal Music Group was cast under separate management from Universal Studios, when Vivendi sold 80% of Universal to General Electric, who subsequently merged it with NBC to form NBCUniversal. This came two months after the separation of Warner Music Group from Time Warner. In February 2006, Vivendi purchased the remaining 20 percent of UMG from Matsushita Electric. 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 June 2007, UMG acquired Sanctuary, which eventually became UMG's entertainment merchandising and brand management division, Bravado. In 2008, Universal Music Group agreed to make its catalogue available to Spotify, then a new streaming service, for use outside the U.S. on a limited basis.
Doug Morris stepped down from his position as CEO on January 1, 2011. Former chairman/CEO of Universal Music International Lucian Grainge was promoted to CEO of the company. Grainge later replaced Morris as chairman on March 9, 2011. Morris became the next chairman of Sony Music Entertainment on July 1, 2011. With Grainge's appointment as CEO at UMG, Max Hole was promoted to COO of UMGI, effective July 1, 2010. In January 2011, UMG announced it was donating 200,000 master recordings from the 1920s to 1940s to the Library of Congress for preservation. 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. 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. IMPALA opposed the merger. In March 2012, the European Union opened an investigation into the acquisition The EU asked rivals and consumer groups whether the deal would result in higher prices and shut out competitors.
On September 21, 2012, the sale of EMI to UMG was approved in the European Union and the United States by the European Commission and Federal Trade Commission respectively. However, the European Commission approved the deal only under the condition the merged company divest one third of its total operations to other companies with a proven track record in the music industry. UMG divested Mute Records, Parlophone, Roxy Recordings, MPS Records, Cooperative Music, Now That's What I Call Music!, Jazzland, Universal Greece, Sanctuary Records, Chrysalis Records, EMI Classics, Virgin Classics, and EMI's European regional labels to comply with this condition. UMG retained the Beatles (formerly of Parlophone) and Robbie Williams (formerly of Chrysalis). The Beatles catalogue was transferred to UMG's newly formed Calderstone Productions, while Williams' catalogue was transferred to Island Records.
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