leading Australian record companies, recording and/or releasing much of the most significant Australian pop and rock music of the era on its flagship Festival label or via its subsidiary imprints. Festival also signed valuable licensing and distribution deals with major local independent pop labels such as Spin (NSW) and Clarion (WA), and it subsequently took over many of these labels and acquired their masters, greatly increasing its holdings of key Australian pop/rock recordings. In the 1970s Festival signed a distribution deal with the fledgling Melbourne label Mushroom Records, founded by Michael Gudinski. Mushroom scored a key breakthrough in 1974–75 with Melbourne band Skyhooks, whose debut album Living in the Seventies'' became the highest-selling Australian album ever issued up to that time. Mushroom enjoyed enormous success in Australia from the late 1970s on, and although Gudinski later moved the label's distribution to EMI for some years, the two companies were eventually merged—Festival acquired 49% of Mushroom in 1993 and bought the remainder when Gudinski sold his controlling share in 1998. Finally, in 2005, after multiple management reshuffles and a steady decline in revenue, News Ltd sold the group and its recording archive (said to contain over 20,000 master tapes) to Warner Music Australia for a reported AU$10 million. Following the divestiture, WMG licensed the Warner Bros. trademarks, although this license could have been revoked if WMG came under control of a major motion picture studio. After five years of dormancy, Elektra was revived as an active imprint in June 2009, although some artists who had been signed to prior to the label' shelving in 2004 (including Tracy Chapman) had continued to have their recordings issued as Elektra releases. In mid-2018, Elektra was detached from the Atlantic Records umbrella and reorganized into Elektra Music Group, once again operating as an independently managed frontline label of Warner Music. In 2013, WMG acquired Parlophone Records from EMI as part of its sale to Universal Music Group. Most Parlophone artists (excluding Coldplay and Tinie Tempah, who were placed under Atlantic) were placed under Warner Bros. Records for US distribution. Dan McCarroll was named president. He held the position until July 2017. In October 2017, Aaron Bay-Schuck and Tom Corson were named co-chairmen of Warner Bros. Records, with Bay-Schuck serving as CEO and Corson COO. Corson joined the company in January 2018; Bay-Schuck began in the fall of that year. The Warner Bros. headquarters moved from