MBW originally introduced our readers to that early Som Livre sale, back March 2021; Sony Music later confirmed that it had agreed to an acquisition the following month.
Today (March 16), we can bring you news about next Big money acquisition of an international music company: Music Qanawatoperates as a music distributor throughout the Middle East and North Africa.
Our sources tell us that the company is running a substantial eight-figure sum and that many large-scale music companies have begun a potential acquisition.
Music Qanawat The statement is “The leading independent music distributor in the MENA region, with the largest Arabic catalog worldwide”.
When things settled down, we were told, Warner Music Group favorite bought Qanawat Music from its current owner, the mobile technology company Qanawat. Another major music company is also said to have made the request.
If Warner goes through with the deal with Qanawat Music, it will be the company’s second major move in the rapidly growing MENA region in the past 18 months.
In February 2021, Warner buy back a minority share in Saudi Arabia’s Rotana Music, arguably the largest record label in the Middle East.
Based on Qanawat’s websiteit currently powers more than 700 artists, performers and influencers – with over 80,000 digital tracks in its distribution portfolio.
When contacted by MBW, Warner Music Group declined to comment.Worldwide music business
https://www.musicbusinessworldwide.com/next-big-money-buyout-will-be-the-middle-easts-qanawat-sources-mbw/ Sources for MBW revealed to MBW.