Universal Music To Acquire Ingrooves Music Group

Acquires Ingrooves Music Group

UNIVERSAL MUSIC (UMG) will acquire INGROOVES MUSIC GROUP, an independent music distribution and marketing company. UMG has been a minority investor in INGROOVES since 2006, and under the agreement, will acquire the shares of INGROOVES that it doesn’t already own. After the transaction closes, INGROOVES CEO BOB ROBACK will continue to lead the company as a standalone unit within UMG.

UMG EVP/CFO and Pres./Operations BOYD MUIR said, “I’m thrilled to advance UMG’s long-standing relationship with INGROOVES, a company we already view as a member of our extended family.  The continued success of the indie community is vital to the health of our industry, and through our investment in Ingrooves, we will strengthen the services we can offer to independent artists and entrepreneurs. I’m pleased to welcome BOB and his team to UMG and I’m looking forward to growing Ingrooves together.”

INGROOVES CEO BOB ROBACK said, “This acquisition by UMG represents the very best possible outcome for INGROOVES, our employees and our artist and label partners. Our mission at INGROOVES has always been to provide our clients with the very best services and to maximize the value of their music. With UMG, we are gaining the resources, global reach and technology to take those efforts to another level. I’m excited at this opportunity and I’m thankful for the support of BOYD and SIR LUCIAN GRAINGE."

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