Warner Music Group has invested in Rotana Music, the Middle East’s largest record label owned by Saudi Arabia’s billionaire Prince Alwaleed bin Talal, Warner said in a statement.
The value of the transaction was not disclosed.
The deal will see Warner Music distribute Rotana Music’s releases globally. Signed to Rotana are some of the biggest music stars in the Arab world, including Saudi Arabia’s Mohamed Abdo, Egypt’s Amr Diab and Lebanon’s Elissa.
In 2018, Prince Alwaleed invested $267 million in French music streaming service Deezer via Rotana Group and his investment company Kingdom Holding. Rotana and Deezer also signed a long-term agreement to distribute Rotana’s audio and video content in the Middle East and North Africa.
Source: Reuters.com