Warner Music Group acquires Russia’s Gala Records
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Warner Music Group has acquired Gala Records, the oldest privately owned music label in Russia, the company said Monday, marking its first wholly owned presence in Russia.
Gala was founded in 1988 by Alexander Blinov and currently represents artists such as pop singer MakSim and dance musician Dan Balan. The company has worked with artists including Alla Pugacheva, Irina Allegrova and Nikolai Baskov.
“Russia represents a significant opportunity and, with Gala spearheading our operations there, we will be well positioned for growth in this vibrant and dynamic market,” said Stephen Cooper, chief executive officer of Warner Music Group, in a statement.
Gala’s businesses include recorded music, distribution, publishing and live production. The company represent’s EMI’s international catalogue in Russia and the Commonwealth of Independent States.
“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,” said Blinov in a statement.
In 2011, Russian American billionaire Len Blavatnik’s Access Industries bought WMG for $3.3 billion. Blavatnik has a net worth of about $16 billion, according to Forbes.
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