Warner Music Australia today (Oct. 20) acquired Australian independent label Festival Mushroom Records from Rupert Murdoch's media giant News Corp. The integration of the two companies will take place through the closing months of 2005 and is subject to clearance from the Australian Competition Consumer Commission.
Financial terms of the deal were not disclosed. Sources at other labels say the deal is worth A$5 million-A$10 million ($3.8 million-$7.6 million). No announcement has yet been made on FMR's staff or artist roster, which is the local label home to Australian pop star Kylie Minogue and New Zealand rapper MC Scribe.
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and so it continues...until ownership ...
and so it continues...until ownership is in the hands of ONE all powerful entity.
You reckon? Murdoch just had his hold ...
You reckon? Murdoch just had his hold lessened in a small way, is the way it looks to me.
Murdoch's not the only media mogul ...
Murdoch's not the only media mogul though, it's still a further concentration of ownership. And a little bit scary when you think about small labels being under FMR being under Warner (ie. Flying Nun). But who knows what it will actually mean for the artists and the music... might be nothing. They might still keep it as a subsidiary or something and keeps its unique 'flavour'.