The indie music label V2, founded by British billionaire Richard Branson in 1996, has announced a restructuring of its business that resulted in its staff being laid off, and it becoming a catalog label. Approximately 35 people were let go, including president Andy Gershon.
V2 has represented acts such as White Stripes, Moby and the Raconteurs. The White Stipes catalog will be kept by the company, but it will no longer produce new music by them or the other acts that were in the fold. Evidently their only focus will be on gospel music, according to Billboard.
The parent company of V2, Sheridan Square, bought the North American assets of the company in early 2006. Sheridan says that the revamped company will look at developing and focusing on digital distribution.
They are also said to be in negotiations to merge or invest in a company that is looking at a strategy similar to theirs in the video side of the business.
Sheridan Square has been busy over the last several years buying up other indie labels, distributors and catalog assets; including Triloka, Vanguard Classical, Musicrama and Compendia.
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