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Universal absorbs Stockholm Records

Universal Music has announced that it is combining the operations of its Swedish company with Stockholm Records.

Universal Sweden general manager Martin Aglander will take over as managing director of the combined company, with Stockholm founder Ola Hakansson taking on the role of chairman, overseeing the direction and development of local A&R. Hakansson, one of the founding fathers of the modern Swedish record business, will also "pursue other independent activities" in the market, according to a statement issued today. The changes were announced by Universal Music International's senior vp Nordic countries Theo Roos.

Stockholm, which has long been 100% owned by Universal, is the label home to acts including the Cardigans, A*Teens, and others. It also directs all worldwide activity around the Abba catalogue, through Polar Music International.

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