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Sony Music Group announces full withdrawal from Russian market

Billboard noted that Sony Music Group has become the first major record company to completely leave the Russian market

NEW YORK, September 8. /TASS/. US record company Sony Music Group announced complete withdrawal from Russia, Billboard magazine writes.

In a statement sent to Billboard, Sony Music Group said it has "made the decision to exit the Russian marketplace completely and transfer the Russian company and its local roster to local management," the magazine wrote.

"The local management company that will assume control of Sony’s Russian label interests is being set up and headed by former Sony Music Russia managing director Arina Dmitrieva, sources tell Billboard. The transfer and registration of the new company was posted on the Federal Tax Service of Russia website on August 25. A source familiar with Sony Music’s decision tells Billboard that the new company is a completely independent and separate entity from Sony Music Group and will only represent locally signed artists," the statement said.

Billboard noted that Sony Music Group has become the first major record company to completely leave the Russian market. In early March, Sony Music Group announced the suspension of activities in Russia.

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