UMG to Acquire Rest of Ingrooves

Universal Music Group (UMG) has forged an agreement to acquire independent music distribution and marketing company Ingrooves Music Group. UMG has been a minority investor in Ingrooves since 2006, and under the terms of this agreement, will acquire the outstanding shares of Ingrooves it doesn’t already own. After the transaction closes, which is expected by the end of this quarter, Ingrooves Chief Executive Officer Bob Roback (left) will continue to lead the company as a standalone unit within UMG. UMG will also form a strategic partnership between its Caroline International division and Ingrooves to form a robust platform for distribution, marketing and label and artist services throughout the world.