Report: Virgin Group Sells 95% Stake In V2 Records To Morgan Stanley
May 17, 2006 at 1:20 PM (PT)
British billionaire/adventurer/one-time reality TV muse RICHARD BRANSON's VIRGIN GROUP is selling a 95% stake in V2 RECORDS to investment bank MORGAN STANLEY for an undiclosed amount, reports the NEW YORK POST. BRANSON will keep 5% of the operation. The sale follows a deal last year in which VIRGIN sold its U.S. music operations, V2 NORTH AMERICA, to SHERIDAN SQUARE ENTERTAINMENT for approximately $15 million (NET NEWS 11/28/05).
According to reports in the U.K. press, the V2 RECORDS sale is rumored to pave the way for VIRGIN to launch a new music video channel to compete with MTV following the merger between VIRGIN MOBILE and cable company NTL.