Sheridan Square Buys Purchases V2 North America
November 28, 2005 at 4:17 PM (PT)
SHERIDAN SQUARE ENTERTAINMENT has acquired the assets of VIRGIN honcho SIR RICHARD BRANSON's V2 NORTH AMERICA (which will continue to trade under the V2 brand name) and has formed a global partnership with V2 GROUP. The new company will continue to have rights to market V2's global repertoire, in which V2 GROUP will become the international licensee for V2 NORTH AMERICA's titles and other product from SHERIDAN SQUARE.
Said V2 NORTH AMERICA CEO ANDY GERSHON, "The management team of V2 NORTH AMERICA believes that by becoming a stand alone entity in NORTH AMERICA through the formation of a new company with SHERIDAN SQUARE and retaining all the advantages of strong international ties with V2 GROUP, a best of both worlds scenario is realized. We will not only continue to develop a fantastic range of artists but have the key benefits of strong backing and an international infrastructure and release schedule."
SHERIDAN SQUARE ENTERTAINMENT's Co-CEO ANIL NARANG commented, "We are incredibly excited about the acquisition and global partnership with VIRGIN's V2 GROUP. SHERIDAN SQUARE gains access to a strong catalog and artist roster, as well as a talented management team. The ability to tap into V2 GROUP's global repertoire and infrastructure will enable SHERIDAN SQUARE to build scale internationally, yet focus on its core strategy of rights acquisitions in NORTH AMERICA. The deal is highly complementary, as both sides value the importance of strategic relationships in a market as difficult and dynamic as this one."
Commented BRANSON, "This is one of those rare win-win situations in today's difficult market for the record industry as a whole. This deal with SHERIDAN SQUARE and V2 NORTH AMERICA, and our continued presence in NORTH AMERICA with deals such as EMUSICA under V2 INTERNATIONAL, will allow both companies to flourish and develop in a way that is true to their core strategies. This new relationship will allow V2 GROUP to concentrate on core markets of UK/EUROPE and the rest of the world, and continue our aggressive catalogue acquisition strategy in the US -- whilst remaining involved in a close partnership in NORTH AMERICA. Both businesses will be free to move forward and maximize their development potential."