Warner Buys FMR Label

Warner Music Australia has bought one of Australia’s major independents, Festival Mushroom Records, from Rupert Murdoch’s News Corp.

Established in the 1950s, FMR is home to Kylie Minogue and Olivia Newton-John, among others.

Warner had already poached FMR managing director Michael Parisi as its director of A&R. It is understood that Sony BMG Australia and Richard Branson’s V2 Records had also been negotiating to buy the label.