BUDAPEST, Hungary (CelebrityAccess) — Warner Music Group has acquired a stake in the Hungarian record label Magneoton.
Under the terms of the deal, WMG and Magneoton will continue their longstanding licensing pact and will expand into distribution and jointly developing a roster of Hungarian artists.
The relationship between WMG and Magneoton dates back more than 30 years. Magneoton was founded by famed Hungarian recording artist László Pásztor and artist manager István Joós. The label was acquired by WMG in 1993 and run as Warner Music Hungary for the next decade before a management buyout saw Magneoton split off from the international label group.
In recent years, Magneoton has expanded its business operations to include a management division, a concert promotion venture and a digital music agency. Clients include Majka, Curtis, DR BRS and Lotfi Begi, as well as rising stars such as bongor and Sisi.
“This latest phase in our relationship with Magneoton marks a significant return to Hungary by Warner Music. While Magneoton will continue to act as a licensee for our international repertoire, we’ll now also be working together to discover great Hungarian artists and take their music to the world,” stated Izabela Ciszek-Podziemska, General Manager, Warner Music South East Europe.
“Magneoton and Warner Music have a rich history of working together and producing incredible results for our acts. This deal highlights our commitment to breaking Hungarian artists internationally, while giving local fans unparalleled access to music from some of the world’s biggest stars,” added Noemi Virag Csontos, the General Manager of Magneoton.
The re-acquisition of the Hungarian label is the latest deal for Warner Music in Eastern Europe and follows the appointment of Izabela Ciszek-Podziemska as General Manager of Warner Music South East Europe, the investment in Serbian record label Mascom Records and Polish promoter Big Idea, the partnership with Poland’s Step Records, the acquisition of Slovakia’s Opus Records, and a deal with Czech Republic-based hip-hop label Mike Roft.
