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Last Updated: Tuesday, 11 November, 2003, 20:58 GMT
Universal buys Dreamworks Records
Nelly Furtado
Nelly Furtado is one of Dreamworks' artists
Universal Music, the world's largest record label, has agreed to buy Dreamworks Records.

The Dreamworks label includes artists such as pop singer Nelly Furtado and the band Papa Roach.

The music business is currently going through major changes as it struggles to counter falling sales and the impact of unofficial online music sales.

Last week, Sony Music - the second-largest music company - said it was planning to merge with Bertelsmann.

EMI and Warner Music have also been in talks about a possible merger.

'Exciting' acquisition

Neither Universal nor Dreamworks disclosed the value of the deal, although the Reuters news agency reported a person close to the talks as saying it was worth about $100m (60m).

ARTISTS ON DREAMWORKS
Nelly Furtado
Papa Roach
Alien Ant Farm
Rufus Wainwright
Jimmy Eat World
The Isley Brothers
Q-Tip
Dreamworks Records is the music unit of the Dreamworks entertainment company which was formed in 1994 by film and music leaders Steven Spielberg, Jeffrey Katzenberg and David Geffen.

"We are truly excited about the acquisition of Dreamworks Records," said Doug Morris, chairman and chief executive of Universal Music Group.

"(The Dreamworks team) have built an incredible roster comprised of gold, platinum and multiplatinum-selling artists as well as a host of new acts who will be successful in the future."

Mo Ostin, principal executive at DreamWorks Records, said: "Despite the challenges of the music business today, Universal is acquiring a wonderful asset and the sale will assure the strongest possible future for our artists."


SEE ALSO:
Music giants join forces
06 Nov 03  |  Business
EMI plots bid for Warner Music
22 Sep 03  |  Business
Vivendi sells US media empire
08 Oct 03  |  Business


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