1 9 9 6 . ▁ ▁As ▁part ▁of ▁B M G ' s ▁ 1 9 9 6 ▁agreement ▁with ▁Z om ba , ▁the ▁music ▁giant ▁was ▁required ▁to ▁follow ▁through ▁on ▁a ▁put ▁option ▁and ▁buy ▁the ▁remaining ▁shares ▁it ▁did ▁not ▁already ▁own ▁before ▁ 3 1 ▁December ▁ 2 0 0 2 . ▁ ▁In ▁June ▁ 2 0 0 2 , ▁C live ▁Cal der ▁decided ▁to ▁exercise ▁the ▁put ▁option . ▁ ▁Effect ive ▁ 2 6 ▁November ▁ 2 0 0 2 , ▁B M G ▁Entertainment ▁concluded ▁its ▁deal ▁with ▁Z om ba ▁for ▁the ▁purchase ▁of ▁the ▁company ' s ▁entire ▁assets . ▁ ▁While ▁Cal der ▁had ▁originally ▁requested ▁$ 3 . 2 ▁billion ▁for ▁his ▁shares ▁in ▁Z om ba , ▁valu ation ▁of ▁the ▁label ' s ▁assets ▁varied ▁from ▁$ 1 . 6 ▁billion ▁to ▁$ 2 . 4 ▁billion . ▁ ▁Following ▁the ▁purchase ▁negoti ations , ▁a ▁price ▁of ▁$ 2 . 7 4 ▁billion ▁was ▁agreed ▁upon , ▁the ▁biggest ▁purchase ▁of ▁an ▁independent ▁at ▁the ▁time . ▁ ▁Z om ba ' s ▁sale ▁had ▁been ▁the ▁latest ▁in ▁a ▁series ▁of ▁independent ▁label ▁sell outs ▁including ▁Island ▁Records ▁and ▁Ge ffen ▁Records ▁( both ▁sold ▁to ▁Universal ▁for ▁$ 3 0 0 ▁million ▁and ▁$ 5 5 0 ▁million ▁respectively ), ▁and ▁Virgin ▁( s old ▁for ▁$ 9 5 0 ▁million ▁to ▁E MI ). ▁ ▁The ▁$ 2 . 7 4 ▁billion