Universal Buys Indie Music Specialist Downtown for $775 Million

Universal Music Group’s Virgin unit is acquiring Downtown Music Holdings LLC for $775 million in cash in one of the largest music-industry deals this year.

Downtown was founded in 2007 as a music publishing company but has since expanded into a broader array of services for artists, including helping them make, distribute and market their music, as well as collect royalties. The company specializes in independent artists, those not signed to a major record label.

After years of expansion fueled by streaming, major music companies are grappling with a slowdown in growth and are looking at acquisitions to help. ...