Universal Music to Buy Branson`s V2 Music Group

Vivendi's Universal Music Group said on Friday it has agreed to buy Richard Branson's V2 Music Group.

Vivendi's Universal Music Group said on Friday it has agreed to buy Richard Branson's V2 Music Group in a deal that would add artists Paul Weller and Stereophonics to the portfolio.

Financial terms were not disclosed.

One source familiar with the matter said the purchase price was around 7 million pounds ($14.16 million).