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Wednesday, March 30, 2011

Bertie spurs WMG stock jump

WHAT MADE THE BUNNY HOP? Shares of Warner Music made a dramatic jump on Tuesday, gaining 71 cents, or 13.5%, to $6.58. Some interpeted the upswing as a sign that the company is about to be sold, but the clearcut impetus came from Bertelsmann, co-owner of BMG Rights Management, whose CEO, Hartmut Ostrowski, stated that the privately held German media giant “is ready to invest into the right business, at right price, and at the right time." That right time would appear to be now, providing Bertie is willing to outbid other suitors. CFO Thomas Rabe added further fuel to the fire by noting, "Restructuring is pretty much done and debt is no longer an issue. Financially speaking, Bertelsmann is ready to invest again." Is BMG interested in picking up the entirety of WMG, which is said to be valued at $2.5-3 billion, or just Warner/Chappell? (3/30a)

 
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