LONDON (Brand Republic) - Universal Music Group has bought BMG Entertainment鈥檚 stake in joint-venture music website GetMusic for an undisclosed amount.
The deal will result in the loss of about 60 jobs, according to GetMusic鈥檚 chief executive Andrew Nibley.
Universal, which is part of Vivendi Universal, plans to integrate GetMusic with its other existing music site FarmClub.com. FarmClub allows people to post music from unsigned bands to be reviewed.
GetMusic is based in New York with offices in Los Angeles, Nashville and London.
www.getmusic.com
www.farmclub.com
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www.bmg.com
Universal buys BMG out of music site venture
Universal Music Group has bought BMG Entertainment鈥檚 stake in joint-venture music website GetMusic for an undisclosed amount.