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Statement By Lucian Grainge, Chairman And CEO, Universal Music Group, Regarding Jimmy Iovine's Appointment At Apple And The Sale Of Beats Electronics And Beats Music

  (May 28, 2014)

SANTA MONICA, Calif., May 28, 2014 /PRNewswire/ -- "History teaches us that great entrepreneursare few and far between. Jimmy Iovine is one of that small numberof entrepreneurs who, by doing so much so well in so many different arenas, have lefttheir indeliblemark. He founded, and for morethan 20 yearshas led Interscope, alabel that has consistently been in the forefront of the music business, both artistically and commercially. He hasput in place, developed and mentored thereaworld-class management team. At the same time,Jimmy co-founded Beats,a wildly-successful, cutting-edge company that revolutionized how consumers listen to music, and from there went onto build a platform that is advancing the evolution of the access modelfor the entire music industry. Based on mutual trust and respect,UMG's singular relationship with Jimmy permitted his innovationto flourish in all these ways. Together we created a once-in-a-generationopportunity that allowedJimmy to maximize the use of his many talents.In recent years, as Jimmy partnered with John Janick, one of the industry's most talented andpromising young executives,Interscope's results have skyrocketed. We thank Jimmy for both the incomparable leadership he's provided to Interscope and UMG and for the highly beneficial partnership UMG has enjoyed with Beats.We wishJimmy the very best andlook forwardto enhancing our partnerships withApple and Beats for many years to come."

Universal Music Group is the global music leader, with wholly owned operations in 60 territories. Its businesses also include Universal Music Publishing Group, one of the industry's premier music publishing operations worldwide.

Universal Music Group's labels include A&M Records, Angel, Astralwerks, Blue Note Records, Capitol Christian Music Group, Capitol Records, Capitol Records Nashville, Caroline, Decca, Def Jam Recordings, Deutsche Grammophon, Disa, Emarcy, EMI Records Nashville, Fonovisa, Geffen Records, Harvest, Interscope Records, Island Records, Machete Music, Manhattan, MCA Nashville, Mercury Nashville, Mercury Records, Motown Records, Polydor Records, Republic Records, Universal Music Latino, Verve Music Group, Virgin Records, Virgin EMI Records, as well as a multitude of record labels owned or distributed by its record company subsidiaries around the world. The Universal Music Group owns the most extensive catalogue of music in the industry, which includes the last 100 years of the world's most popular artists and their recordings. UMG's catalogue is marketed through two distinct divisions, Universal Music Enterprises (in the U.S.) and Universal Strategic Marketing (outside the U.S.). Universal Music Group also includes Global Digital Business, its new media and technologies division and Bravado, its merchandising company.

Universal Music Group is a fully owned subsidiary of Vivendi.

SOURCE Universal Music Group

Copyright 2014 PR Newswire. All Rights Reserved

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