Universal Music Group has announced the launch of the Virgin Music Group, a new global division comprising Virgin Music Label & Artist Services, Ingrooves Music Group, and Mtheory Artist Partnerships.
Universal recently acquired Mtheory’s bespoke label division, Mtheory Artist Partnerships, however, the Manager Services business was not included in the deal and will continue to operate independently. The agreement’s terms weren’t made public.
JT Myers and Nat Pastor, Mtheory founders will serve as co-CEOs of the Virgin Music Group, which unifies the company’s label and artist services operations. They will answer directly to Lucian Grainge, UMG Chairman and CEO.
In making the announcement, Grainge said, “To remain the best home for artists and entrepreneurs we must drive innovation in our 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.”
The Virgin Music Group will include all Virgin Music Label and Artist Services regional hubs, allowing them to work together under a single strategy while utilizing the local A&R expertise and creative networks in their respective regions. All of UMG’s U.S. labels and partners will be served by Virgin Music Label & Artist Services in the U.S., which will transition from being a subsidiary of Capitol Music Group to a stand-alone business.
Mtheory’s Manager Services business will remain fully independent, under the leadership of newly appointed CEO Cameo Carlson. In addition, and as part of the transaction, Mtheory will spin out its MPRS Global producer royalty administration platform, of which Mtheory Co-Founder Jon McMillan will become CEO.