Statement By Lucian Grainge, Chairman And CEO, Universal Music Group, Regarding Jimmy Iovine's Appointment At Apple And The Sal

    Statement By Lucian Grainge, Chairman And CEO, Universal Music Group,
     Regarding Jimmy Iovine's Appointment At Apple And The Sale Of Beats
                         Electronics And Beats Music

PR Newswire

SANTA MONICA, Calif., May 28, 2014

SANTA MONICA, Calif., May 28, 2014 /PRNewswire/ -- "History teaches us that
great entrepreneursare few and far between. Jimmy Iovine is one of that
small numberof entrepreneurs who, by doing so much so well in so many
different arenas, have lefttheir indeliblemark. He founded, and for
morethan 20 yearshas led Interscope, alabel that has consistently been in
the forefront of the music business, both artistically and commercially. He
hasput in place, developed and mentored thereaworld-class management team.
At the same time,Jimmy co-founded Beats,a wildly-successful, cutting-edge
company that revolutionized how consumers listen to music, and from there went
onto build a platform that is advancing the evolution of the access modelfor
the entire music industry. Based on mutual trust and respect,UMG's singular
relationship with Jimmy permitted his innovationto flourish in all these
ways. Together we created a once-in-a-generationopportunity that
allowedJimmy to maximize the use of his many talents.In recent years, as
Jimmy partnered with John Janick, one of the industry's most talented
andpromising young executives,Interscope's results have skyrocketed. We
thank Jimmy for both the incomparable leadership he's provided to Interscope
and UMG and for the highly beneficial partnership UMG has enjoyed with
Beats.We wishJimmy the very best andlook forwardto enhancing our
partnerships withApple and Beats for many years to come."

ABOUT UNIVERSAL MUSIC GROUP
Universal Music Group is the global music leader, with wholly owned operations
in 60 territories. Its businesses also include Universal Music Publishing
Group, one of the industry's premier music publishing operations worldwide.

Universal Music Group's labels include A&M Records, Angel, Astralwerks, Blue
Note Records, Capitol Christian Music Group, Capitol Records, Capitol Records
Nashville, Caroline, Decca, Def Jam Recordings, Deutsche Grammophon, Disa,
Emarcy, EMI Records Nashville, Fonovisa, Geffen Records, Harvest, Interscope
Records, Island Records, Machete Music, Manhattan, MCA Nashville, Mercury
Nashville, Mercury Records, Motown Records, Polydor Records, Republic Records,
Universal Music Latino, Verve Music Group, Virgin Records, Virgin EMI Records,
as well as a multitude of record labels owned or distributed by its record
company subsidiaries around the world. The Universal Music Group owns the most
extensive catalogue of music in the industry, which includes the last 100
years of the world's most popular artists and their recordings. UMG's
catalogue is marketed through two distinct divisions, Universal Music
Enterprises (in the U.S.) and Universal Strategic Marketing (outside the
U.S.). Universal Music Group also includes Global Digital Business, its new
media and technologies division and Bravado, its merchandising company.

Universal Music Group is a fully owned subsidiary of Vivendi.

SOURCE Universal Music Group

Website: http://www.universalmusic.com
Contact: Universal Music Group, Maria Ho-Burge, 212 331 2569,
maria.ho-burge@umusic.com; or Annie Imamura, 310 865 6157,
annie.imamura@umusic.com
 
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