LEN’S LATEST LOSSES: Another rough quarter at WMG, still suffering from a light release schedule whose root cause dates back to the Lyor Cohen regime, as well as slipping physical sales. Revenue declined 3% on a constant-currency basis, but excluding the July 1, 2013, acquisition of Parlophone, revenue declined 13.9% (or 13.4% in constant currency). Net loss was $59m versus net income of $4m in the prior-year fiscal Q2. As of 3/31, the company reported a cash balance of $149 million, total long-term debt of $2.869 billion and net debt (total long-term debt, including the current portion, minus cash) of $2.720 billion. Stated CEO Stephen Cooper, attempting to put a smiley face on the situation, “We have begun to see the strength in our release schedule for the remainder of the fiscal year. Through our A&R, marketing and promotional efforts, we continue to discover and develop new artists and further the careers of established artists.” (5/8a)
THE MUSIC OF CLIVE COMES ALIVE AT CARNEGIE HALL
That's what friends are for. (5/1a)
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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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