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Friday, January 21, 2011

Edgar guilty, WMG stock soars

FORGET PARIS: After a year or more as the quietest of the Big Four, Warner Music is generating headlines once again. This morning, a French court has found Edgar Bronfman Jr. and fellow dealmaker Jean-Marie Messier guilty of insider trading in charges involving the sale of Vivendi Universal stock in 2002. Both were fined and received suspended sentences. Meanwhile, that N.Y. Times story posted late Thursday about a possible sale of WMG by its private equity owners has added nearly a buck to the stock price in early trading this morning. As of 10:06 ET, shares had rocketed fom $4.72 to $5.89, a nearly 25% increase. Hooyah. (1/21a)

 
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