V2 fires staff, splits with White Stripes, Moby

NEW YORK (Billboard) - Indie record label V2 North America, home to such acts as the White Stripes, Moby and the Raconteurs, laid off its staff Friday and will primarily become a catalog label.

The label's parent company, Sheridan Square, also plans to focus on digital distribution. About 35 people, including president Andy Gershon, are believed to have lost their jobs as part of the restructuring.

The company will retain the White Stripes catalog, but will no longer issue new music by the duo or other frontline artists such as Moby or the Raconteurs, sources say. The only genre the company plans to participate in going forward is gospel.

In addition to the catalog, the company is looking for ways to grow business digitally. Part of that is said to be in talks that could include a merger or investment with a company that is pursuing a similar strategy in the video business.

V2 was founded by British entrepreneur Richard Branson in 1996. New York-based Sheridan Square bought the North American assets in February 2006.

Sheridan Square's principals include Joe Bianco, Anil Narang, Joe Pretlow, and the Stephens Group, which bought into the company last July during a financial restructuring.

Since 2003, Sheridan Square has spent an estimated $43 million acquiring indie labels V2 North America, Compendia and Artemis; distributor Musicrama; and certain catalog assets of Tone-Cool Records, Triloka, Ropeadope Records and Vanguard Classical.

Reuters/Billboard

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