UMG To Acquire Rest Of Ingrooves

• Universal Music Group (UMG) has forged an agreement to acquire independent music distribution and marketing company Ingrooves Music Group. UMG has been a minority investor in Ingrooves since 2006, and under the terms of this agreement, will acquire the outstanding shares of Ingrooves it doesn’t already own.

After the transaction closes, which is expected by the end of this quarter, Ingrooves Chief Executive Officer Bob Roback (left) will continue to lead the company as a standalone unit within UMG. UMG will also form a strategic partnership between its Caroline International division and Ingrooves to form a robust platform for distribution, marketing and label and artist services throughout the world.

Boyd Muir, EVP, CFO and President of Operations for UMG (right), said, “I’m thrilled to advance UMG’s longstanding relationship with Ingrooves, a company we already view as a member of our extended family. The continued success of the indie community is vital to the health of our industry, and through our investment in Ingrooves, we will strengthen the services we can offer to independent artists and entrepreneurs. I’m pleased to welcome Bob and his team to UMG and I’m looking forward to growing Ingrooves together.”

Roback commented, “This acquisition by UMG represents the very best possible outcome for Ingrooves, our employees and our artist and label partners. Our mission at Ingrooves has always been to provide our clients with the very best services and maximize the value of their music. With UMG, we are gaining the resources, global reach and technology to take those efforts to another level. I’m excited at this opportunity and I’m thankful for the support of Boyd and Sir Lucian Grainge.”