"It's the first time in my life I have owned 100% of my own work," said Andrew Lloyd Webber, who just bought out Universal Music Group's 30% stake in his production company, Really Useful Holdings, for $75 million.
Originally owned by PolyGram, the 30% of Really Useful was acquired by Universal last December. PolyGram acquired its share some nine years ago, when it helped the composer complete a buyout from Really Useful shareholders.
Recently, Lord Lloyd Webber has been doing some retrenching, reorganizing Really Useful, which took a couple of major financial hits two years ago. Productions of Webber's "Sunset Boulevard" did poorly around the world, and his $10 million production of "Whistle Down the Wind" closed in Washington, D.C., in January 1997.
Since then, "Whistle..." has been retooled, opening in London for half the price of the D.C. venture. Really Useful's home video release of "Cats" has proved successful, with more videos of Webber tuners (including "Sunset Boulevard") on the way. A movie based on his "Phantom of the Opera," to be directed by Shekhar Kapur ("Elizabeth"), is also reportedly in the works.
In accordance with the new agreement reached between Lloyd Webber and Universal Music Group, UMG-which is Seagram's record company-will continue to distribute Really Useful's videos, records, and television shows.