Branson recalls tears over $1 billion Virgin Records sale
- 11 years ago
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STORY: Virgin Group founder Richard Branson recalled that selling his Virgin Records music label more than two decades ago was "like selling your children" even though he pocketed a billion dollars in the deal. Branson, 63, founded Virgin Records in 1972 with three other people, growing the label from a small successful record shop into a powerhouse of the music industry, helping usher in the progressive rock movement of the 1970s and new wave in the 1980s. The company was purchased by Thorn EMI for $1 billion (618 million pounds) in 1992, in part to fund Branson's Virgin.
ROUGH CUT (NO REPORTER NARRATION)
STORY: Virgin Group founder Richard Branson recalled that selling his Virgin Records music label more than two decades ago was "like selling your children" even though he pocketed a billion dollars in the deal. Branson, 63, founded Virgin Records in 1972 with three other people, growing the label from a small successful record shop into a powerhouse of the music industry, helping usher in the progressive rock movement of the 1970s and new wave in the 1980s. The company was purchased by Thorn EMI for $1 billion (618 million pounds) in 1992, in part to fund Branson's Virgin.