NEW YORK, June 17 (UPI) -- Warner Music Group said Monday it had purchased Russian music business Gala Records Group for an undisclosed sum.
"We are delighted to welcome Gala to the Warner Music family," WMG Chief Executive Officer Stephen Cooper said.
"Russia represents a significant opportunity and, with Gala spearheading our operations there, we will be well positioned for growth in this vibrant and dynamic market," he said.
Gala, at 25 years old, is Russia's oldest private label record company. It was founded by CEO Alexander Blinov in 1988.
"We are joining one of the most experienced and professional teams in the music industry and one that shares our passion and love for music," Blinov said in a statement.
"We both place huge emphasis on developing great artists."
Gala represents MakSim, Dan Balan, Petr Nalitch and many other Russian artists.
Over the years, it has become a company involved in recording, distribution, publishing and production of live shows.