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BUSINESS
October 31, 2006 | From Reuters
Universal Music Group is slashing European download prices for 1,500 older albums starting Wednesday, the first broad online cost-cutting move by a major music firm. The prices ultimately charged consumers would be determined by individual online retailers, Universal said. The albums are expected to sell for about 6.99 euros ($8.89) and 5.49 pounds ($10.43), reduced from 9.99 euros and 7.99 pounds, respectively. Download pricing of singles will not be affected.
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BUSINESS
November 23, 1999 | CHUCK PHILIPS
Seagram Co.'s Universal Music Group has invested an undisclosed amount of money in Miami-based Eritmo.com, a Latin music Web site that features news, fan club information, chat rooms and Webcasts of Latin music concerts, reviews and videos. The site, which allows fans to sample snippets of singles and albums, plans to create an extensive online digital library and to expand its e-commerce and international operations in the months ahead.
BUSINESS
June 16, 2009 | Times Wire Reports
Virgin Media, the cable TV operator owned by entrepreneur Richard Branson, launched a new kind of music download subscription service with Universal Music Group, the largest music company. The service, described by the companies as a world first, will enable Virgin Media's broadband customers in Britain to stream and download as many songs and albums as they like from Universal's catalog for a fee. But entertainment lawyers said the service was unlikely to solve the global music industry's problem of billions of dollars lost to music piracy, and would need to offer content from big-name entertainers to be attractive to consumers.
BUSINESS
May 22, 1998 | MARLA MATZER, SPECIAL TO THE TIMES
As Seagram Co. agreed to acquire PolyGram, PolyGram Chief Executive Alain Levy's fate remains a question--one that Seagram President and Chief Executive Edgar Bronfman Jr. declined to address head-on at a news conference Thursday. "We're not going to comment on any individual [executive], no matter how senior or how impressive," Bronfman said when asked what Levy's role in the combined firm would be.
BUSINESS
April 24, 2004 | Jeff Leeds
Universal Music Group is expected to name Steve Bartels president of its Island Records unit, sources said. Bartels, formerly head of promotion at rival Bertelsmann's Arista Records label, will report to his onetime boss, Antonio "L.A." Reid. The move comes amid a rapid-fire shuffle in the top jobs at the music labels. Reid took the reins at Universal's Island Def Jam complex just weeks after being fired from his job as chief executive of Arista.
BUSINESS
March 23, 2004 | Jeff Leeds
Warner Music Group is recruiting music executive Julie Greenwald for a top post in its emerging East Coast label structure, sources said. The move would mark the second time new Warner Music Chairman Edgar Bronfman Jr. has snatched a top executive from rival Universal Music Group, the conglomerate he had helped build. Bronfman had already hired Lyor Cohen, former head of Universal's Island Def Jam label, as Warner's domestic chief.
BUSINESS
February 6, 2004 | From Bloomberg News
Vivendi Universal, which is selling its Hollywood studios and cable networks to General Electric Co.'s NBC, said fourth-quarter revenue fell 9% to $9.08 billion as music sales declined and the dollar weakened. Revenue at Universal Music Group fell 19% to $2.1 billion. The unit suffered from a 17% decline of the dollar against the euro in 2003 and "difficult music market conditions." Revenue at Vivendi Universal Entertainment declined 4% to $2.2 billion, hurt by the declining dollar.
BUSINESS
October 10, 2003 | Jeff Leeds
The global music arm of Vivendi Universal paid more than $61 million into a court account to clear the way for an appeal in its legal dispute with independent TVT Records. Universal Music Group was ordered to pay damages after jurors found its Island Def Jam label liable for fraud and other charges for blocking TVT's release of an album featuring rap star Ja Rule.
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