Warner Music Buys Stake in Saudi Billionaire’s Record Label
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Warner Music Group Corp. has acquired a stake in Saudi billionaire Prince Alwaleed Bin Talal’s Rotana Music, giving it rights to distribute releases by some of the Arab world’s biggest artists outside the Middle East.
The New York City-based entertainment publishing company, which owns hip-hop music labels Atlantic Records and Asylum Records, didn’t disclose details of the investment. The deal involved Warner acquiring a significant minority stake in Rotana Music that valued the Middle East record label at about $200 million, according to a person familiar with the transaction.