P. M. BRIEFING : Japanese, British Music Firms Join
A Japanese media group will pay about $150 million to buy a stake of just over 25% in London-based Virgin Music Group, the world’s sixth-largest record company, Virgin Managing Director Ken Berry said today.
He told a news conference, held simultaneously in Tokyo and London via television satellite, that the new partnership aimed to become the world’s third-largest recording company.
The stake will be taken by three Japanese companies, all members of Fujisankei Communications Group. The three are Pony Canyon, Fuji Television Network and Nippon Broadcasting System.
Among the artists under contract at Virgin are pop stars Phil Collins, Peter Gabriel, Steve Winwood, UB40 and Paula Abdul.
The new partnership hopes to develop the recording business in Japan and Southeast Asia and to open international markets for artists there, said Pony Canyon President Akira Ichiji.
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