Warner Europe To Play A Little Italian Music

Warner Music Europe has purchased Italian record and music publisher Nuova Fonit Cetra from Italian music and broadcasting corporation RAI for an undisclosed sum.

Warner Music Italy, an affiliate of Warner Music International operating within Warner Music Europe, completed the acquisition of 90% of Nuova Fonit Cetra this week. RAI will retain a 10% share in the music company.

"This represents a tremendous opportunity for WMI and its sister companies to further exploit the collaboration with RAI in various areas including recorded music, music publishing and new technology," said Warner Music Europe president Manfred Zumkeller, who confirmed the acquisition.

"We are very much looking forward to relaunching the important Fonit Cetra trademark, which has immense historical value within the Italian music business," Warner Music Italy president Gerolamo Caccia said.

London-based Warner Music Europe oversees WMI's 26 European affiliates, which are located in 20 nations.