LOS ANGELES (CelebrityAccess) — Universal Music announced the acquisition of mtheory Artist Partnerships, the label division of US music company mtheory, which will serve as the nucleus for the relaunch of the Virgin Music Group brand.
Virgin Music Group will consolidate UMG’s artist services businesses under the leadership of music entrepreneurs and mtheory founders JT Myers and Nat Pastor as Co-CEOs, effective immediately.
mtheory’s Manager Services business is not part of the transaction and will remain wholly independent.
In their new roles, Myers and Pastor will oversee the expansion of UMG’s independent music offerings across of all its businesses and regions, reporting directly to UMG Chairman and CEO Sir Lucian Grainge.
The newly launched Virgin Music Group will contain multiple existing divisions at UMG, including:
Virgin Music Label & Artist Services, which launched last year and provides artist and label services in the U.S., Japan, U.K., Germany and across Central Europe, France, Côte d’Ivoire , Australia & New Zealand, Sweden, Norway, Netherlands, Belgium, Western Balkans & Serbia and across Latin America & Iberia, including offices in the U.S., Brazil, Mexico, Spain and Portugal.
Ingrooves Music Group, which UMG acquired in 2019 and which provides marketing and distribution services for indie labels, including analytics, rights management, advertising, royalty accounting, video monetization and music licensing.
mtheory Artist Partnerships, the label which UMG acquired through this newly announced deal. The label has released numerous hits in recent years, including Major Lazer’s Award-winning single “Lean On,” the number No. 1 most streamed track of all time.
“In order to remain the best home for artists and entrepreneurs we must drive innovation in our own businesses—offering new and high-quality resources for artists from all corners of the world while continuing to lead the industry’s transformation. Nat and JT’s track record for creating forward-thinking partnerships with artists that are built on a foundation of trust, creativity and business acumen is exactly the kind of leadership we want for the new Virgin Music Group division. Together with our frontline labels and global footprint, Virgin Music Group offers artists unmatched creative and commercial support,” said Lucian Grainge.