MOSCOW, June 17 (RIA Novosti) – Warner Music Group, one of the world’s largest recording companies, has acquired Russia’s oldest independent label, Gala Records, the companies said in a joint statement on Monday.
“The acquisition will mark WMG’s first wholly owned local presence in Russia,” Warner Music Group, controlled by Russian-born billionaire Len Blavatnik, said without revealing the sum or conditions of the deal, which gives WMG a “strategic presence in Russia’s dynamic music market.”
Gala Records, led by Alexander Blinov, was set up in 1988. Its business encompasses recording, distributing, publishing and concert activities, and it has worked with many of Russia’s top singers, including Alla Pugachyova.
“We have great confidence that Alexander [Blinov] and his team will help us fulfill the potential that Russia offers for our artists, our consumers and our business,” WMG CEO Stephen Cooper was quoted as saying.
Blinov added: “WMG will make an ideal home for Gala’s artists and writers, and Russia’s abundant creative talent will have a wider access to the world audience."
