Festival Records (later known as Festival Mushroom Records) was an
Australian music recording and publishing company which was founded in
Sydney in 1952 and operated until 2005. Festival was a wholly owned subsidiary of
News Limited from 1961 to 2005, and the company was very successful for most of its fifty-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.