(CelebrityAccess MediaWire) — Iconic Australian label Festival Mushroom Records has been sold to Warner Music.
Festival Records was founded in 1952, and took over Mushroom Records in the late 1990s.
President and CEO of Warner Music Australasia Ed St. John said in a statement, “We are absolutely delighted to acquire this iconic Australian music company. FMR and its foundation labels have been the home for Australian music since the dawn of our industry. Joined with Warner's own roster of local acts – which stretches from Thirsty Merc and Evermore through to The Whitlams and Cold Chisel – and with the creative drive of Michael Parisi, this company will have a leading domestic music division. The growth and continued success of Warner Music Australia is going to be built around the development of a truly outstanding domestic music roster.”
The announcement came just weeks after FMR Managing Director Michael Parisi resigned to take up the position of Warner Music President of A&R.
The deal is expected to b e finalized before the end of 2005. An announcement regarding the artist roster and staffing levels is yet to be made. –by CelebrityAccess Staff Writers