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News |  24 Dec 2008 17:14 |  By RnMTeam

Universal acquires Malaysia's Music Valley

MUMBAI: Universal Music has acquired Malaysia's largest retailer cum label Music Valley's catalogue and is now taking over its artists management agreements.

The agreement was announced on 22 December by Pua Joo Siong, managing director of MVM Home Entertainment, and Sandy Monteiro, managing director of Universal Music Malaysia and senior VP of Universal Music South East Asia. The agreement will be effective from 1 January 2009 and covers MVM Home Entertainment's entire domestic music catalog, including all digital and public performance rights. A UMG statement says the Music Valley acquisition increases its overall market share, strengthening its position as the number one record company in the country.

The total figure paid to Music Valley is not disclosed, and it will include all rights to Music Valley's catalogue, including digital and physical. Artists include Kristal band and singer Saleem, Exist, Ahmad Nawab, Nassier Wahab, Ramlah Ram and Mega. However, Music Valley's artist management team will continue to manage them.

Music Valley started in 1990, and has over 80 retail outlets in the country. Since 2004, Music Valley has been acquiring domestic catalogues, plus music and film rights, from various local production houses and independent labels as part of the company's growth strategy. By 2008, it had a 5% stake of Malaysia's music market.

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