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Virgin Records was sold by Branson to Thorn EMI in June 1992 for a reported US$1 billion (around £560 million) (equivalent to $2,240,692,435 in 2024), [22] [23] with a special non-competition clause that would prevent Branson from founding another recording company during the five years following the agreement (see the final paragraph in EU ...
[9] [15] Branson stated he had to sell his Virgin Records business for $1 billion in order to pay for the lawsuit, something which he said he wept at having to do. [16] A month prior to the case, following disclosure of documents that supported Virgin's claims, Branson and Lord King met and agreed to settle the case on the first day. [17]
1984 – Virgin Atlantic and Virgin Cargo are launched. [1] 1984 – Virgin Vision (launched the previous year) launches "Music Box", a 24-hour satellite music station. 1985 – Virgin Group now includes record labels, retail outlets, exported music publishing, broadcasting, satellite television, and film and video distribution.
It wasn’t until he bought the nationalized bank Northern Rock in 2011 for £747 million ($1.18 billion) that Branson was able to boast of owning a genuine challenger to incumbent banks.
The Manor Studio, Richard Branson's recording studio in the manor house at the village of Shipton-on-Cherwell in Oxfordshire. In 1972, using money earned from his record store, Branson launched the record label Virgin Records with Nik Powell. The name "Virgin" was suggested by one of Branson's early employees because they were all new at ...
Branson is best known as the co-founder of the Virgin Group, which owns a massive portfolio of businesses, including in hotels, radio stations, airlines and even commercial space flight.
Branson took a $126 million hit to his fortune last year as he continued to fight several fires at his Virgin Group. Sir Richard Branson—who hates being called a billionaire—sees net worth ...
In 1989, Thorn EMI bought a 50% interest in Chrysalis Records, buying the outstanding 50% in 1991. In one of its highest-profile and most expensive acquisitions, Thorn EMI took over Richard Branson's Virgin Records in 1992 for £510 million. [11]