Universal confirms V2 redundancies

V2/Universal montage

Universal is expected to close all of V2's offices - in France, Germany, Italy, Sweden and the UK - with the incorporation of a number of key staff into local worldwide divisions.

In a statement Universal says, "Following its recent acquisition of the V2 Music Group from Morgan Stanley, Universal Music has committed to continuing the V2 label, with its own roster of unique artists, and to continuing Cooperative Music, representing independent labels in international markets.

"This commitment is international in scope, and will give new resources and new energy to the V2 identity, its heritage and its artists. In the UK, the label will be aligned with Mercury Records under President Jason Iley, while Co-op Music will expand under the ongoing leadership of Vincent Clery-Melin.

"This restructuring has begun, although, regrettably, it does mean that there will be redundancies at V2. However, we are confident that V2 and its artists have a strong future, heralded by the latest number one album by The Stereophonics."


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