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Tuesday, February 8, 2011

WMG Losses

EVERYTHING MUST GO: Recently put on sale by Goldman Sachs, Warner Music Group suffered through its eighth straight quarterly loss, with Q1 revenues slipping 13% to $752 million, and full-year revenues down 7% to $2.98 billion. Meanwhile, digital revenue gained 7% on the quarter to $197 million, and now accounts for 25% of overall revenue. Music publishing revenues fell 13% to $142 million at Warner/Chappell, where Lyor Cohen just brought in Cameron Strang to head the pubbery. Q1 losses hit $46 million, from just $18 million the previous quarter, largely attributed to “severance expenses.” WMG stock was trading at $5.75 this morning, down almost 8% from a day high of $5.91. (2/8a)

 
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