UMG Universal Music Group NV

   By Mauro Orru 
 

Universal Music Group--the record label behind the Weeknd, Billie Eilish and Taylor Swift--entered into an agreement to acquire United Arab Emirates-based music company Chabaka from CHBK Group, in a deal that bolsters its presence in one of the fastest growing music regions globally.

The world's largest music company announced the deal on Wednesday, though it didn't disclose financial details. Chabaka provides digital distribution, marketing, publishing, and label and artist services in the Middle East and North Africa region, a market that saw growth of around 24% in recorded music revenue last year.

"As we continue to expand our footprint in emerging territories all over the world, Chabaka represents an important creative hub in one of the world's most promising music markets," said JT Myers, co-chief executive of Universal's Virgin Music Group.

Chabaka will become part of Virgin Music Group following the acquisition. The company has signed agreements with more than 150 independent artists and local labels across the region.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

August 30, 2023 06:41 ET (10:41 GMT)

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