Post by Auset on Nov 11, 2003 11:42:36 GMT -5
DreamWorks, the conglomerate owned by Steven Spielberg, Jeffrey Katzenberg and David Geffen, have agreed to sell their music division, home to such acts as Mystik, Q-Tip, Sleepy Brown, Vishuss, Floetry and Nelly Furtado.
Sources stated that the recorded business will be gobbled up by the mammoth Universal Music Group for $100 million dollars.
Universal is expected to make significant cuts to the 120 person staff at the Beverly Hills based record label, including the head of the label, Mo Ostin.
The 76-year-old Ostin is legendary in music business circles, developing such artists as Neil Young, Jimi Hendrix, the Red Hot Chili Peppers and others.
The music industry is coping with the worst slump in 30 years, blaming rampant internet piracy and a culture of bootlegging as the main reason behind the downward spiral.
Recently, Sony Music was swallowed by up BMG and Warner is attempting to sell their music group to British conglomerate, the EMI Group.
Sources stated that the recorded business will be gobbled up by the mammoth Universal Music Group for $100 million dollars.
Universal is expected to make significant cuts to the 120 person staff at the Beverly Hills based record label, including the head of the label, Mo Ostin.
The 76-year-old Ostin is legendary in music business circles, developing such artists as Neil Young, Jimi Hendrix, the Red Hot Chili Peppers and others.
The music industry is coping with the worst slump in 30 years, blaming rampant internet piracy and a culture of bootlegging as the main reason behind the downward spiral.
Recently, Sony Music was swallowed by up BMG and Warner is attempting to sell their music group to British conglomerate, the EMI Group.
