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Thursday, May 10, 2012

Sony Music Profits Strong Despite Parent Company Loss

SONY MUSIC SCORES PROFITS: In the wake of Sony’s worst-ever annual earnings report, revealing a loss of $5.74 billion, Sony Music, which incorporates SME (the record labels), Sony/ATV (music publishing) and Sony Music Japan, actually turned an operating profit of $450 million on sales of $5.4 billion, thanks to U.S. label marketshare domination and Adele's massive smash, 21. Last month, new Sony CEO Kazuo Hirai announced the company will cut 10,000 jobs and spend $1 billion on restructuring. As this is being written, The Today Show is teasing the NBC special Adele Live in London with Matt Lauer, airing Tuesday, June 5, at 8 p.m. ET/PT. The show will feature a sit-down interview with Matt Lauer as well as six performances from her previously released Adele Live at the Royal Albert Hall DVD. (5/10p)

 
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