Even though Warner Music Group’s net losses grew in the quarter that ended in March, CEO Edgar Bronfman Jr. could take comfort from the fact that Wall Street analysts expected worse. The company reported a net loss of $38 million, up from a $25 million loss in the same period last year, on revenues of $682 million, up 2%. The 25 cent-per-share loss in the company’s fiscal second quarter contrasts with the 28 cent loss expected by analysts who follow the company. Warner Music says that Bruno Mars, R.E.M, Wiz Khalifa, Cee Lo Green and Lupe Fiasco were among its top-selling performers. Bronfman says that he is “excited to see our digital revenue approach the 50% milestone for U.S. recorded music and to see 60% of our active global artist roster signed to expanded rights deals.” Last week, Warner Music said it has agreed to sell itself to Russian-born industrialist Len Blavatnik’s Access Industries for $3.3 billion.
By DAVID LIEBERMAN, Financial Editor | Tuesday May 10, 2011 @ 8:50am EDTTags: Edgar Bronfman Jr., Warner Music Group
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This article was printed from http://www.deadline.com/2011/05/warner-music-losses-grow-but-ceo-edgar-bronfman-jr-upbeat-as-sale-approaches/
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