American multinational entertainment and record label conglomerate Warner Music Group has invested in Saudi billionaire Prince Alwaleed Bin Talal’s Rotana Music, the largest record label in the Middle East region.
The New York City-headquartered entertainment publishing company, which owns hip-hop music labels Atlantic Records and Asylum Records, has not yet revealed the investment details.
According to the sources, the deal included Warner purchasing a significant minority stake in Rotana Music, which valued the Middle East record label at about $200 million.
The deal will boost WMG’s presence in the Middle East and North Africa (MENA), and further, it includes an agreement for ADA Worldwide, its label services division, to distribute Rotana releases internationally outside the region.
“We’re thrilled to be joining with Rotana, whose significant presence in the market reflects its extraordinary roster of musical icons and outstanding talent. We are especially excited about the opportunity to both expand our profile in the region and to bring these amazing artists to audiences across the globe.”
“This is an exciting time, and we at Rotana are very happy with this partnership, which will facilitate Warner Music’s reach into the MENA music industry and fan communities, just as it will benefit Rotana in our global expansion objective,” said Salem Al-Hendi, CEO of Rotana Music Holding.
Rotana Music Holding
Founded in 1993, Rotana Music Holding is the leading record label in the Arab world. It is headquartered in Riyadh and has offices in Jeddah, Dubai, Kuwait, Lebanon, and Cairo. Rotana’s portfolio of Arab artists includes Mohamad Abdo, Abdulmajid Abdallah, Rabeh Saqer, Rashed Al-Majed, Abdallah Ruwaished, Ahlam, Amr Diab, Elissa, Tamer Hosny, Najwa Karam, Shereen Abdalwahab, Angham, Wael Kfoury, and Saber Al-Robae.