He's referring to selling record label Virgin Records to Thorn EMI for nearly $1 billion in 1992.
Branson needed the money to focus on a newer venture, Virgin Atlantic.
CNBC Make It: How did you make the decision to sell Virgin Records?
What I decided was: If I sold Virgin Records, all the people's jobs would be secure.
I could then use that money to build and protect Virgin Atlantic.
Persons:
Richard Branson, He's, —, Branson, Richard, Virgin, We'd, Janet Jackson
Organizations:
CNBC, Virgin Records, Thorn EMI, Virgin Atlantic, British Airways, Virgin Group, Forbes, Virgin
Locations:
London, Branson