August 10, 2007 / 9:21 PM / 12 years ago

Universal Music to buy Branson's V2 Music Group

Kelly Jones of the Stereophonics performs during the Tsunami Relief Concert at the Millennium Stadium in Cardiff, south Wales, January 22, 2005. REUTERS/Darren Staples

NEW YORK (Reuters) - Vivendi’s Universal Music Group said on Friday it would buy entrepreneur Richard Branson’s V2 Music Group in a deal that would add artists Paul Weller and Stereophonics to the Universal portfolio.

Financial terms were not disclosed. Branson owns a 5 percent stake after selling off about 95 percent to Morgan Stanley in 2006.

One source familiar with the matter said the purchase price was about 7 million pounds ($14 million).

A separate source said the purchase price was likely higher since rival bids ran as high as the mid-teens millions.

V2, founded in 1996, was Branson’s second foray into the music industry he left after he sold Virgin Records to EMI Group in 1992.

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