Thursday, April 17, 2008
In 1992, to keep his airline company afloat, Branson sold the Virgin label to EMI, a more conservative company which previously had rescinded a contract with the Sex Pistols, for $1 billion . Branson is said to have wept when the sale was completed since the record business had been the genesis of the Virgin Empire.[citation needed] He later formed V2 Records to re-enter the music business.
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