Virgin Music Group has completed its acquisition of Downtown Music Holdings, finalizing the deal on February 20, 2026. The transaction brings together two major players in the independent music services sector.
The closure follows European Commission approval granted on February 13, which required Universal Music Group to divest Downtown’s Curve royalty accounting business as a condition of clearance. Virgin Music Group, a UMG division, first announced the proposed transaction in December 2024.
Pieter van Rijn has been appointed Chief Operating Officer of Virgin Music Group effective immediately.
Peter van Rijn, who served as Downtown’s CEO since 2024, will report to Virgin Music Group co-CEOs Nat Pastor and JT Myers and remain based in Amsterdam.
As COO, van Rijn will oversee global operations, technology, product development, and strategic integration across the combined businesses.
His mandate includes ensuring continuity for Downtown’s clients, teams, and brands while identifying growth opportunities.
Downtown Founder Justin Kalifowitz is stepping away from the company he launched in 2007.
Downtown currently serves more than 5,000 business clients and over four million creators across 145 countries.
Its portfolio includes FUGA, Downtown Artist & Label Services, CD Baby, Downtown Music Publishing, and Songtrust. Core divisions span Artist and Label Services, Distribution, and Music Publishing.
Virgin Music Group characterized the deal as a significant milestone in building a global solution for independent entrepreneurs, artists, and rights holders.
