Val Azzoli named Co-Chairman/Co-CEO of The Atlantic Group.

NEW YORK--(BUSINESS WIRE)--Jan. 16, 1996--Val Azzoli has been appointed Co-Chairman and Co-Chief Executive Officer of The Atlantic Group.

The announcement was made today by Warner Music Group. With this appointment, Azzoli joins Atlantic founder and Co-Chairman/Co-CEO Ahmet Ertegun in heading

In making the announcement, Robert A. Daly, Chairman and Co-CEO, and Terry Semel, Chairman and Co-CEO of Warner Music Group and Warner Bros., said: "Since coming on board at Warner Music Group, we have been very impressed by what Val has accomplished at Atlantic and by his strong vision for the future of the company. He had the unenviable task of keeping the label on course during a very tumultuous period, and he did so with uncommon character, skill, and aplomb. He now joins Atlantic founder Ahmet Ertegun at the helm of the company, as they continue to build on the extraordinary legacy of this great label. We enthusiastically congratulate Val on his new appointment."

Ahmet Ertegun commented: "Since becoming President of Atlantic just over a year ago, Val has done a brilliant job -- not only maintaining our status as the No. 1 label in the music business, but making major strides towards strengthening and expanding the company on a number of fronts. In the midst of all the well-reported changes that have taken place in recent months, under Val's stewardship we have just completed one of the best years in Atlantic history. He quite literally rose to the occasion, and did so with exceptional initiative and innovation. Most importantly, he has been the driving force behind our great success in developing an array of new artists. I heartily welcome Val to his new post as Co-chairman, and I am looking forward to working with him for many more years to come."

Val Azzoli noted: "Needless to say, it is an extraordinary honor and privilege to be able to work alongside Ahmet Ertegun, who remains one of the few true pioneers of our industry. Atlantic has always been an artist-driven label, and it is my overriding goal to foster an environment where our artists and staff alike have the freedom to do their very best work, to accept challenges and explore fresh territory. This appointment is first and foremost a tribute to their creativity and hard work. I would like to thank Bob, Terry and Ahmet for their fantastic support and vote of confidence."

Immediately prior to this new appointment, Val Azzoli had served as President of The Atlantic Group since November 1994. He joined Atlantic Records in June 1990 and was named Vice President in February 1991, with primary responsibility for the label's marketing activities. In October of 1991, with his appointment as Senior Vice President/General Manager, Azzoli began to oversee the label's day-to-day operations. In August 1993, he was promoted to Executive Vice President/General Manager, taking on additional responsibilities in virtually every area of the company's operations.

Before joining Atlantic, Azzoli was an artist manager at Q-Prime, where he worked with such groups as Def Leppard, Metallica, and Queensryche, as well as with The Rolling Stones on their "Steel Wheels" tour. From 1980 to 1989, he was General Manager of the Toronto-based SRO Management/Anthem Entertainment organization, where he played a pivotal role in the career of the Canadian trio Rush. Azzoli was previously a Vice President of ATV Music Publishing from 1977 to 1980.

Based in New York City, The Atlantic Group is a subsidiary of Warner Music Group, a division of Time Warner Inc.

CONTACT: Atlantic Records, New York

Patti Conte

Senior Vice President, Media & Artist Relations

212/275-2033

or

Atlantic Records

Laura Gold, Vice President, Media Relations/West

Coast

310/205-7412