Merlin and Jamen Capital Acquire Curve Royalty Systems from Universal

Universal Music Group (UMG) and its Virgin Music Group subsidiary have agreed to divest Curve Royalty Systems to Jamen Capital and Merlin.

Why it matters:

• Royalty processing system Curve was part of Downtown Music Holdings, which UMG’s Virgin Music Group acquired for $775 million in February 2026.

• The European Commission (EC) ordered UMG to divest Curve as a condition of it approving the Downtown deal.

• Curve will now operate as an independent business.

• The acquisition is subject to final EC approval.

• Financial terms were not disclosed.

The new structure:

• Jamen and Merlin will operate as strategic partners, with Jamen providing “long-term financial backing,” as per Music Business Worldwide.

• Richard Leach will continue as Curve CEO, and the current management and day-to-day teams will stay as is.

What they said:

• Richard Leach, CEO of Curve Royalty Systems: “This is an exciting moment for Curve. Throughout this process, our priority has been ensuring Curve remains an independent and agnostic platform, with a client-first approach that has earned the trust of rightsholders across the music industry. We are delighted to be entering this new chapter with Jamen and Merlin, whose vision for Curve aligns with our own. Their support secures Curve’s long-term independence and enables us to continue investing in expertise, technology and service that our clients rely upon. We look forward to building on our success together.”