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On FMR's books are well-known artists such as Olivia Newton John, Hilary Duff, Jesse McCartney, Gerling...
October 21, 2005
FESTIVAL Mushroom Records (FMR), whose artists include Kylie Minogue, Olivia Newton John, Eskimo Joe, Tim Rogers and other locals, has been sold to Warner Music.
"We are absolutely delighted to acquire this iconic Australian music company," Warner Music Australasia president and chief executive Ed St John said in a statement.
"FMR and its foundation labels have been the home for Australian music since the dawn of our industry."
Festival Mushroom was owned by News Limited, publisher of The Daily Telegraph.
It came about through the amalgamation of Festival Records, Mushroom Records and Mushroom Distribution Services.
The Mushroom companies were once owned by music stalwart Michael Gudinski.
On FMR's books are well-known artists such as Olivia Newton John, Hilary Duff, Jesse McCartney, Gerling, Eskimo Joe, Machine Gun Fellatio and Paul Kelly.
The move signals further rationalisation of Australia's music industry after Sony Music and BMG merged earlier this year.
Festival Records has operated in Australia and New Zealand since 1952 and has been part of News Ltd since 1961.
Source : dailytelegraph
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