Universal Set To Buy Richard Branson’s V2 Records

Universal Music revealed last night (August 10th) that it intends to buy Richard Branson’s V2 Music label.

Branson is understood to be offering his minority stake in V2 – which is home to Bloc Party and Paul Weller - for £7 million.

Universal Music – who are already the world’s biggest record company – have said that the deal is still subject to regulatory approval, reports The Times.

Meanwhile, the music group have also revealed plans to experiment selling music without copyright protection.

One of the company’s biggest rivals, EMI, is currently testing the same idea in conjunction with Apple’s iTunes.

It’s reported, however, that in a bid to reduce Apple’s dominance of the online Market, Universal will work independent of the iTunes giant.