Warner Music Polska buys Polskie Nagrania

State-owned Polskie Nagranie, the oldest Polish record label, has been acquired Thursday by Warner Music Polska (WMP) for PLN 8.1 million, Piotr Kabaj, CEO of WMP, informed. Polskie Nagrania was in liquidation and on auction for the third time as there had been no bidders earlier. “We have purchased Polskie Nagrania due to the excellent songs catalog coinciding with our strategy, which assumes that 30 percent of our music is Polish music,” Kabaj said. “We have sold some 3.2 million of Polish albums, thus there is no doubt the transaction will turn profitable. We want to create series with Polish artists, CD boxes and digitialize the music in order to sell it on-line,” he added. Kabaj also said he wants to keep the famous Polskie Nagrania logo. Polskie Nagrania label was set up in 1956 after the merger of the vinyl record factory Muza and the record house Polskie Nagrania (with the history of the latter traced to the 1920s). The company was in liquidation since 2013 due to the unpaid compensation to the heirs of singer Anna German.