Universal Music Group, the world’s leader in music-based entertainment, is to acquire Chabaka, MENA’s leading digitally-focused music distribution business that empowers independent artists and labels.
The amount of the deal was not disclosed.
Founded by brothers Ala’a and Tarek Makki in 2013, Chabaka provides digital distribution, marketing, publishing, and label and artist services in the Middle East and North Africa (MENA) region.
Today, the company has agreements with more than 150 independent artists and regional labels across MENA. Chabaka is part of CHBK group, which also owns and operates Concast and Boomerang Studios.
The acquisition of Chabaka complements UMG’s current service offering and footprint in the MENA market. It will allow UMG to expand its services and reach within the independent label and artist community. Following the acquisition, Chabaka will become part of UMG’s Virgin Music Group, working closely with the local Virgin and UMG teams in MENA. Through the combination of Virgin Music Group’s solutions, creative network, and global footprint and Chabaka’s services and regional expertise, the group will be positioned to build and reach the largest possible audience for talent from the region.
As part of the agreement, CEO Ala’a Makki will continue to lead the company and be instrumental in further growing Chabaka’s presence across geographies and business lines, supported by key members of the Chabaka team. Tarek Makki will remain as an advisor while also continuing to lead Concast and Boomerang Studios, the other two companies within CHBK Group, which will rebrand following the acquisition.
FinSMEs
30/08/2023