 NEW YORK (Universal announcement) - Universal Music, the world's largest record label, has agreed to buy Dreamworks Records. The Dreamworks label includes artists such as pop singer Nelly Furtado and the band Papa Roach. Dreamworks Records is the music unit of the Dreamworks entertainment company which was formed in 1994 by film and music moguls Steven Spielberg, Jeffrey Katzenberg and David Geffen. The music business is currently going through major changes as it struggles to counter falling sales and the impact of unofficial online music sales. Last week, Sony Music - the second-largest music company - said it was planning to merge with Bertelsmann. EMI and Warner Music have also been in talks about a possible merger.
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