In a major announcement, the principal owners of CMI Music & Audio Pty Ltd, Trojkovic Nominees P/L & Grayme P/L, who have continually invested in and resourced CMI for over 40 years have sold 100% of the companies shares to Australis Music Group owned by Fiona Brown.

Fiona purchased Australis Music Group last year and is still a director of the business she co-founded, Dicker Data (ASX: DDR). Fiona has built a technology distribution business with a revenue of $2 billion per year. To have an investor, advisor, and director of this caliber guarantees an incredibly bright future for both Australis Music Group and CMI.

Australis Music Group and CMI Music and Audio represent a large portion of the MI and Technology brands that drive the industry and this consolidation comes as huge news to the Australian Music Retail landscape.

Both parties have stated that this is an enormous opportunity for the staff, suppliers, and investors. Thank you for your support over the years, and your ongoing support for this exciting change of management.

We wish both parties a smooth transition and look forward to what they can contribute to the industry moving forward.

(Read the original announcement)