RUMOR MILL
Thursday, June 8, 2000
RICHARD BRANSON SELLS OUT
V2 Founder Sells Part Of V2 To Stay Airborne
In a move to keep his balloon full of hot air, Sir richard branson',390,400);">richard branson',390,400);">Richard Branson has struck a deal with his creditors, led by Morgan Stanley Dean Witter. In exchange for canceling 93 million pounds of debt ($141,577,428.56), the lenders get a 25% stake in Branson's V2 Records.
To further invigorate V2, Branson plans to throw 45 million pounds ($68,504,335 U.S) of his own into the company to develop new artists.
Blessed with a free spirit and an extraordinary set of choppers, Branson has now relinquished 34.5% of the company—counting 9.5% which was sold in 1998 when the original bonds were issued.
Investors will now decide on a third of the tracks for each V2 album, they'll get to travel about a third of the way around the world in Branson's balloon, and they'll get to park their Winnebagos on about a third of Branson's private island of Necker. It'll be interesting to see how Branson responds to having Morgan Stanley and Goldman Sachs about a third of the way up his bum.
THE MUSIC OF CLIVE COMES ALIVE AT CARNEGIE HALL
That's what friends are for. (5/1a)
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THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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JAMES KING: THE HITS INTERVIEW (PART ONE)rumor mail
