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Richard Branson Wants To Buy Back Virgin Records

July 21st, 2012 1:08pm EDT

Richard Branson

Business magnate Richard Branson is in talks to buy back Virgin Records - the music label he co-founded four decades ago.

Branson sold off the company in 1992, exactly 20 years after its launch, and now the nostalgic mogul is hoping to regain control of the corporation and restore it to its former glory.

In a post on his blog, he writes, "I have had informal talks with both (music executives) Lucian Grainge and Patrick Zelnik about Virgin Records... They are great record men and... committed to revitalise Virgin Records - which has been mismanaged in the last 10 years... I feel it is a 'sleeping beauty' which could become an innovative and leading label once again with the right management and investment...

"(It) is an exciting opportunity and I am keen to try to work on an arrangement... to acquire the company I started in the seventies."

Virgin Records is perhaps best known for signing such acts as Janet Jackson, The Rolling Stones and the Spice Girls.

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