RUMOR MILL
Meanwhile, though Sony Music marked a revenue drop of 3.1% for the fiscal third-quarter, the unit trumpeted a 50% increase in profit—a bright spot, actually, amid the parent company's 26% overall profit plunge.
Thursday, January 29, 2004
EC TO LOOK HARDER AT SONY-BMG
With European Regulators Reportedly Planning Phase 2 of Merger Scrutiny, Sony Music Reports Profit Jump
According to published reports in the London Times and elsewhere, the European Commission plans to extend its review of the proposed Sony-BMG merger to a second phase.
Numerous competitors, including at least two majors and the indie consortium IMPALA, have expressed vociferous opposition to the marriage of the two music giants (see story, 1/27).
An announcement on the EC decision is expected soon.
Meanwhile, though Sony Music marked a revenue drop of 3.1% for the fiscal third-quarter, the unit trumpeted a 50% increase in profit—a bright spot, actually, amid the parent company's 26% overall profit plunge.
