Warner Music Group Acquires Russiaâ€™s Gala Records Group
June 17, 2013 at 5:04 AM (PT)
WARNER MUSIC GROUP has acquired the GALA RECORDS GROUP, RUSSIA's leading independent music company. Led by CEO ALEXANDER BLINOV, GALA was founded in 1988 and was the first privately-owned record label in RUSSIA.
WMG CEO STEPHEN COOPER said, "We are delighted to welcome GALA to the WARNER MUSIC FAMILY. 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. We have great confidence that ALEXANDER and his team will help us fulfill the potential that RUSSIA offers for our artists, our consumers and our business."
WMG Pres./International, Warner Recorded Music STU BERGEN said, "GALA shares our long-held commitment to discovering and developing the very best in local talent and their success is apparent in their enviable roster and renowned catalogue. The entrepreneurial flair of GALA’s leadership team is evident in their impressive diversification strategy, which allows them to work with artists across multiple areas of their activities to build long-term, successful careers. We look forward to working with GALA in RUSSIA and to tapping into our global network to further amplify the worldwide success of their artists and songwriters."
BLINOV said, "We are joining one of the most experienced and professional teams in the music industry and one that shares our passion and love for music. WMG’s expertise and involvement is extremely valuable for the developing RUSSIAN music market, and will strengthen our efforts to foster its growth. WMG and GALA are driven by the same priorities and goals: we both place huge emphasis on developing great artists. 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."