Revenues for the company rose to $3.7 billion in the quarter from $3.5 billion a year ago, and Seagram reported that its music division (Universal Music Group) earning before interest, taxes, depreciation and amortization (everyone's favorite acronym: EBITDA) swelled 56% to $217 million in the quarter.
UMG's EBITDA for the year broke the $1 billion mark for the first time.
Seagram reported its net loss widened to $128 million (or 29 cents a share) compared toa loss of $53 million (or 13 cents a share) last year, falling below First Call/Thomson Financial fourth-quarter estimates of 35 cents a share.
Seagram's proposed $34 billion merger with French media giant Vivendi and its cable TV unit Canal Plus is still pending, awaiting an OK from the European Commission. Vivendi and Canal Plus say they are confident the EU will rule in favor of the merger before the end of September.
LIVE NATION POSTS (ANOTHER) RECORD QUARTER
More butts in seats than ever before. (5/3a)
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THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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