Universal Music Group to acquire Ingrooves Music Group
Universal Music Group has been a minority investor in Ingrooves since 2006; the company is now thought to be holding approximately 20% in the independent music distribution and marketing company.
Acquiring the remaining 80% in Ingrooves – based in Encino, Los Angeles – UMG will gain full control of the firm's approximate 2% market share in the United States. Ingrooves was initially believed to be up for sale in the first half of last year, with an asking price in the region of $100m.
After the acquisition, Ingrooves Chief Executive Officer Bob Roback will continue to lead the company as a standalone unit within UMG.
The buyout is expected to close before the end of the current quarter.