V2 Label Closes As Sheridan Square Looks Forward

Last Friday, Sheridan Square Entertainment, owner of V2 North America, axed the label in order to shift focus to digitally distributed media. Consequently, V2, a giant in the American independent label world and home to Moby, the White Stripes, and the Raconteurs, laid off all 35 of its employees, including president Andy Gershon. Keeping afloat with modern times, Sheridan Square is hoping to capitalize on the internet download market. A possible merger or partnership is in the works as the company casts a line out to businesses who can promise video capabilities.

Richard Branson founded the originally British V2 label in 1996. It has since flourished internationally in Europe and Asia along with Sheridan's acquistion of the American division last February. One hopes that the other arms of V2 can switch to digital media in a more organic fashion.