Polygram has become the first Western record company to set up shop in Russia.
The London-based music giant has agreed to acquire the record and music publishing business of BIZ Enterprises, a Russian entertainment company.
This includes Alien Records, one of Russia’s oldest labels and a former Polygram licensee.
Zosimov to head
The new Moscow-based Polygram A/O will be headed by Boris Zosimov, founder of BIZ, who will report to Polygram’s continental Europe prexy Allen Davis.
It will be Polygram’s third East European subsidiary, following the establishment of Polygram Hungary and the Prague-based Polygram SRO.
On the map
“This agreement puts Russia on the entertainment map and will help combat music piracy here,” Zosimov said. “Polygram is one of the world’s top three record companies — with its know-how, its multicultural approach to signing and developing talent, its extensive catalog and its determination to protect its copyrights, I am confident that we will establish Polygram A/O as the leader of this increasingly vibrant and healthy music market.”