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Warner Music's Loss Narrows but Shares Fall

California and the West | EARNINGS ROUNDUP / MEDIA

August 04, 2006|From Reuters

Warner Music Group posted a narrower quarterly net loss on better-than-expected sales from the likes of Red Hot Chili Peppers, James Blunt and new dance act Gnarls Barkley.

But shares in the fourth-largest music company dropped more than 2% soon after Chief Executive Edgar Bronfman Jr. opened the quarterly earnings call repeating that Warner would not be pursuing a merger with EMI Group in the near future.

The New York based-company said its net loss for the third quarter ended June 30 was $14 million, or 10 cents a share, compared with a loss of $179 million, or $1.41 a share, a year earlier, which included management termination fees, debt redemption and other charges.

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