WMG reports another down quarter

BUNNY BUSINESS: Warner Music reported a net loss of $46 million for the company's fiscal fourth quarter, ending Sept. 30, compared to a loss of $18 million a year earlier. Revenue was down 13% to $752 million, from $867 million during Q4 ’09. None of these stats is surprising given the dearth of major releases this year. What’s more troubling is the flattening of digital sales growth: WMG reported digital revenue of $197 million, just a 7.1% increase from the same period in 2009. Digital now accounts for a quarter of the company's entire business. Since this morning's call, WMG shares have dropped nearly 11% to $5.22, with five hours of trading still to go. (11/17a)