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July 05, 2015 1:30 AM ET

Media

Company Overview of Universal Music Group, Inc.

Company Overview

Universal Music Group, Inc. provides recorded music, music publishing, and merchandising services in North America, Europe, Latin America, Asia Pacific, and worldwide. It discovers and develops songwriters, and owns and administers copyrights to musical compositions for use in recordings, public performances, and related uses, such as films and advertisements; and sells artist and music branded products through multiple sales points including online, fashion retail, and live performances worldwide. The company was formerly known as MCA Music Entertainment Group, Inc. and changed its name to Universal Music Group, Inc. in 1996. Universal Music Group, Inc. was incorporated in 1998 and is headq...

2220 Colorado Avenue

Santa Monica, CA 90404

United States

Founded in 1998

Phone:

310-865-5000

Fax:

310-865-7096

Key Executives for Universal Music Group, Inc.

Chairman, Chief Executive Officer and Member of Management Board
Age: 55
President and Chief Operating Officer
Chief Financial Officer and Executive Vice President
Chairman of Global Operations Outside Us and Chief Executive Officer of Global Operations Outside Us
Chief Executive Officer of Vevo, President of Vevo and Executive Vice President of Elabs
Compensation as of Fiscal Year 2015.

Universal Music Group, Inc. Key Developments

NVE Records Signs Distribution Deal with Universal Music Group

NVE Records announced signing their distribution deal with Universal Music Group. NVE Records, is looking to expand their reach internationally with the new deal. The record label will also be expanding its roster and is currently seeking driven and talented individuals for new opportunities including but not limited to; development, recording and touring projects.

Universal Music Group, Inc. Announces Unaudited Earnings Results for the First Quarter Ended March 31, 2015

Universal Music Group announced unaudited earnings results for the first quarter ended March 31, 2015. For the quarter, revenues were EUR 1,097 million compared to EUR 984 million a year ago. EBITA was EUR 82 million, compared to EUR 56 million a year ago. Income from operations (IFO) was EUR 88 million compared to EUR 66 million a year ago.

Universal Music Group and Class Action Attorneys Propose Settlement Agreement on Digital Download Royalties

Universal Music Group (UMG), on behalf of UMG Recordings Inc. and Capitol Records LLC, and plaintiffs' attorneys representing clients in class action lawsuits regarding digital download royalties submitted a settlement for preliminary court approval. In the lawsuit, the plaintiffs (including the estate of Rick James, Chuck D of Public Enemy, and others) alleged that UMG failed to pay proper royalties to certain artists when consumers bought MP3 files from digital music retailers. Under the proposed terms, UMG will contribute a maximum of $11.5 million to supplement payments to class members for past digital download activity, cover attorneys' fees and administrative costs, and also increase digital download royalties by approximately 10% going forward to class members who submit a claim. In the settlement agreement, UMG specifically denies the plaintiffs' claims, and states that it agreed to settle the claims rather than continue to litigate the matter to avoid the associated legal expenses.

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