Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Festival Records?
Summarize this article for a 10 years old
Festival Records (later known as Festival Mushroom Records) was an Australian recording and publishing company founded in Sydney, Australia, in 1952 and operated until 2005.
Number of locations
|Pyrmont, New South Wales|
|Owner||Warner Bros. Records|
|Parent||News Limited (1961–2005)|
Warner Music Group
Festival was a wholly owned subsidiary of News Limited from 1961 to 2005, and the company was successful for most of its 50-year life, despite the fact that as much as 90% of its annual profit was regularly siphoned off by Rupert Murdoch to subsidise his other media ventures.
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