Universal Acquires GetMusic

By | April 26, 2001 at 12:00 AM

Universal Music Group is acquiring the 50 percent interest that it doesn’t already own in GetMusic, an online music site, from its partner Bertelsmann, the German media conglomerate. Terms weren’t disclosed.

Universal, a unit of the French conglomerate Vivendi Universal, will combine the site with a separate online music venture called Farmclub. Andy Nibley, the head of GetMusic, will become head of the new venture, which will keep the GetMusic name.

About 60 people will lose their jobs as a result of the deal, Nibley said, leaving the new company with about 120 employees. Farmclub will stop producing a weekly TV show for the USA cable network, and other operations will also be eliminated.

Farmclub will continue to review music from unsigned bands that people post on its Web site, Farmclub.com.

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