record market since the 1920s, but in this period it faced increasing challenges from its rivals, including the Australian arm of the US label, CBS Records, and particularly from the Sydney-based Festival Records, a division of Rupert Murdoch's News Limited. Festival had its own successful house label, and it also signed valuable distribution deals with independent labels of the 1960s, including Leedon Records (which released the earliest recordings by the Bee Gees), Spin Records and the Perth-based Clarion Records. The many hits released on these independent labels comprised a significant part of Festival's total turnover. Other important independent labels of this period included the Melbourne-based W&G Records, Astor Records—also a major distributor—and the short-lived Go!! Records label, which was set up in conjunction with a pop music TV series, The Go!! Show. Labels and production companies began to play an increasingly important role in the local rock music industry with their allied recording facilities such as Armstrong Studios in Melbourne. Founded in 1965 it became highly sought-after and recorded many local hits. It was an important training ground for some of Australia's best engineers and record producers, Roger Savage and John L Sayers. An important independent production company was Albert Productions, which was established in 1964 by music executive, Ted Albert of J. Albert & Son, who had signed both Billy Thorpe, and The Easybeats. Two members of the latter group, Vanda & Young, started working as producers and songwriters at Alberts in 1967. Alberts also owned leading Sydney AM pop radio station 2UW, along with several other lesser stations. Another such company was the Macquarie Radio Network. Albert Productions issued many major hits (released locally on EMI's Parlophone label) with both their flagship acts in the mid-1960s, and the associated record label, established in the early 1970s, became one of the most successful Australian labels of that decade. Other significant 'indie' production houses of the period included Leopold Productions (Max Merritt, The Allusions), set up Festival's original house producer Robert Iredale, and June Productions, led by former W&G and Astor staff producer, Ron Tudor, who went on to found Fable Records in 1970. 1970–1975: "Third wave" Australian rock's third wave was from 1970 to 1975. During the late 1960s, many local acts dissolved or faded from view, while newer performers and surviving veterans of the 1960s beat boom coalesced into new formations and developed more distinctively Australian rock styles.