Virgin Music Group (VMG) announced on Friday (February 20) that it has completed its acquisition of Downtown Music Holdings LLC (Downtown).
The closure follows the European Commission’s approval of the deal last Friday (February 13), subject to Universal Music Group‘s commitment to divest Downtown’s Curve royalty accounting business.
UMG’s Virgin Music Group first announced the transaction in December 2024.
Alongside the deal’s completion, it was announced that Pieter van Rijn has been appointed Chief Operating Officer of VMG, having been CEO of Downtown since last year.
He will report to co-CEOs Nat Pastor and JT Myers and will continue to be based in Amsterdam.
Downtown Founder Justin Kalifowitz confirmed he is stepping away from the company he founded in 2007. Andrew Bergman, previously Chairman of Downtown, will transition into a senior advisory role.
In a Founder’s Letter shared on Friday (which you can read in full below), Kalifowitz reflected on Downtown’s origins: “When we first started Downtown’s publishing business, the music industry was in freefall,” he said.
“Our first hit was the 2007 ringtone of the year — a phrase that now feels museum-worthy. CDs were collapsing, streaming hadn’t yet found its footing, and most of the conversation centered on what was being lost. We saw something different.”
He added: “We believed more music would be created, not less. More entrepreneurs would enter the business, not fewer. More global participation. More direct relationships. The question wasn’t how to protect what had been — it was how to build for what was coming.”
According to the announcement on Friday (February 20), the completion of the deal marks “a significant milestone in the creation of a global, end-to-end solution that meets the evolving needs of independent entrepreneurs, artists, and rights holders”.
Initially established in 2007, Downtown collectively serves over 5,000 business clients and more than four million creators in 145 countries.
Today, the company has core divisions across Artist & Label Services, Distribution, and Music Publishing. The company’s portfolio of businesses includes FUGA, Downtown Artist & Label Services, CD Baby, Downtown Music Publishing and Songtrust.
VMG noted that with extensive leadership experience across both Downtown Music and FUGA, van Rijn has been a “key architect in the development of innovative, scalable services designed to empower the independent community”.
The company added that as COO of Virgin Music Group, he will oversee global operations, tech, product, and strategic integration across the combined businesses, as well as “ensuring continuity for Downtown’s clients, teams, and brands while unlocking new opportunities for growth and collaboration”.
“Pieter’s appointment signals our intent to bring these businesses together thoughtfully and strategically.”
Nat Pastor
Nat Pastor said: “Pieter’s appointment signals our intent to bring these businesses together thoughtfully and strategically.
“This is about making both Virgin Music Group and Downtown even better — preserving their distinct strengths while increasing the investment, technology and global resources available to independent entrepreneurs. Pieter’s experience and leadership make him the right person to help guide us forward.”
“I’m grateful to Justin and Andrew for their vision in building Downtown, and to Nat and JT for their trust as we enter this next chapter.”
Pieter van Rijn
Pieter van Rijn said: “This combination enhances the choice, service and global reach available to the independent community.
“I’m grateful to Justin and Andrew for their vision in building Downtown, and to Nat and JT for their trust as we enter this next chapter. Our focus is clear: strengthen what makes both companies special and deliver even greater value to the entrepreneurs we serve.”
“Today recognizes the extraordinary company the Downtown team has built.”
JT Myers
JT Myers said: “Today recognizes the extraordinary company the Downtown team has built. Justin’s pioneering spirit — and the leadership of Andrew, Pieter and colleagues worldwide — created an organization defined by its powerful belief in independent creators.
“We deeply respect what this team has built and are committed to backing it, protecting what makes Downtown successful, and expanding opportunities for the global independent community.”
“Justin and I look forward to cheering on Nat, JT, Pieter and the combined teams as they continue to create new opportunities for the global music community.”
Andrew Bergman
Andrew Bergman said: “I’m extremely proud of the culture we created, grounded in trust, long-term partnership and the constant pursuit of excellence. Pieter van Rijn epitomizes that culture and watching my friend grow into such an exceptional leader has been extremely gratifying.
“Justin and I look forward to cheering on Nat, JT, Pieter and the combined teams as they continue to create new opportunities for the global music community.”
VMG noted that, since becoming Downtown’s CEO in 2024, Pieter van Rijn has been responsible for leading Downtown Music’s global business and professional services, spanning distribution, artist and label services, publishing administration, neighbouring rights and sync licensing.
Prior to becoming President of Downtown Music in July 2022, he served as CEO of global music distributor FUGA, joining in 2014 and guiding the company through “a period of significant international expansion and technological innovation,”
Under his leadership, FUGA grew to serve more than 900 industry clients across over 50 countries.
Originally headquartered in Amsterdam, van Rijn expanded the company’s global footprint with hubs across EMEA, North America, LATAM and APAC, transforming FUGA into a full-service label services partner offering marketing, sync, royalty accounting, physical distribution, audience development and advanced data insights, “while maintaining its reputation as a leading music-technology platform”.
You can read Justin Kalifowitz’s message in full below:
When we first started Downtown’s publishing business, the music industry was in freefall. Our first hit was the 2007 ringtone of the year — a phrase that now feels museum-worthy. CDs were collapsing, streaming hadn’t yet found its footing, and most of the conversation centered on what was being lost.
We saw something different.
We believed more music would be created, not less. More entrepreneurs would enter the business, not fewer. More global participation. More direct relationships. The question wasn’t how to protect what had been — it was how to build for what was coming.
Downtown grew up inside that belief. We weren’t perfect, but we were always tinkering — questioning, adjusting, improving. Trying to serve artists, entrepreneurs, and partners better today than the day before. Service beats control. Infrastructure beats trend-chasing. Culture beats hierarchy.
Of all the changes over the past two decades, the one I believe we helped shape most is mindset — that creators deserve choice, that independence can scale, that service is not a weakness but a strategy.
What I’m personally most proud of isn’t a catalog, an acquisition, or a headline. It’s our people. The operators who showed up every day and did the work. The alumni who now sit across this industry and beyond. The partners who trusted us. The creators who chose us. Nearly two decades later, that’s the real story.
To everyone who has been part of the journey — and especially those running with us since the very beginning — thank you.
Andrew and I step away proud of what we’ve built together and confident in the leadership and culture that define Downtown today. We congratulate our good friend Pieter on his new role and wish Nat, JT, and the broader Virgin team nothing but the best as they carry the business forward into its next chapter.
Companies evolve. Markets shift. Strong cultures endure.
I know this is only Downtown’s story — so far.
JustinMusic Business Worldwide