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BUSINESS
November 8, 2011 | By Alex Pham, Los Angeles Times
With negotiations for the sale of EMI Group dragging on longer than a Wagnerian opera, owner Citigroup Inc. has invited Universal Music Group back to the negotiating table this week after failing to break a logjam with the previous high bidder, Warner Music Group. Citigroup's overtures to Universal come two months after the bank initiated a formal auction for EMI, one of the world's oldest and largest music companies, with a roster of well-known artists, including Pink Floyd, Coldplay and the Beatles.
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BUSINESS
August 5, 2011 | By Alex Pham, Los Angeles Times
With growth in international sales offsetting a decline in the U.S., Warner Music Group posted a 5% uptick in revenue and narrower losses in its most recent quarter. In its first financial report since Access Industries completed its $3.3-billion acquisition of Warner on July 20, the record label posted sales of $686 million in its third quarter, which ended June 30, up from $652 million a year earlier. It lost $46 million, or 30 cents a share, in the quarter, down from a $55-million loss, or 37 cents a share, a year earlier.
BUSINESS
June 20, 2011 | By Alex Pham, Los Angeles Times
Citigroup Inc., which took over EMI Group in February in an overnight debt-for-equity swap, has officially put the 114-year-old British music company on the auction block. The bank released a statement Monday laying out options for EMI, "including a possible sale, recapitalization or initial public offering of the company. " The widely expected move puts in play the world's fourth-largest record label, with an estimated $2.6 billion in annual revenue. EMI's artist roster includes Coldplay, Katy Perry, Beastie Boys and Lady Antebellum.
BUSINESS
May 11, 2011 | By Alex Pham, Los Angeles Times
Despite first-quarter sales that beat Wall Street's expectations, Warner Music Group got slapped with a downgrade from Fitch Ratings, an influential credit-rating agency. The downgrade, to B-plus from BB-minus, also put Warner on Fitch's "Watch Negative" list, making it potentially more difficult for the company to borrow money. The New York music company on Friday said its board of directors had approved an agreement to sell the company to Access Industries, a company controlled by industrialist Len Blavatnik, for $3.3 billion in cash.
BUSINESS
May 7, 2011 | By Alex Pham, Los Angeles Times
Now that Warner Music Group Corp. has agreed to be sold for $3.3 billion to Access Industries, is a duet in the works with EMI Group? Warner's all-cash sale to the New York-based oil and media conglomerate, announced Friday, puts Access Industries founder Len Blavatnik in the pole position to bid for EMI, the world's fourth-largest music company, numerous industry analysts said. EMI is widely expected to be put up for sale later this year by its owner, Citigroup Inc. "I would think that the next step for Warner is to buy EMI," said Ted Cohen, managing partner at TAG Strategic, a media consulting group based in Hollywood.
BUSINESS
May 6, 2011 | By Alex Pham, Los Angeles Times
Warner Music Group Corp.'s shares surged more than 6% as rumors of an imminent sale of the New York music company reached fever pitch. Its shares, which rose 48 cents to $7.90 on Thursday, are up 67% from Jan. 20, the day before the New York Times reported that Warner Music was fielding bids. Warner Music, which declined to comment on the speculation, has been entertaining multiple cash offers — some exceeding $3 billion — since it hired Goldman Sachs late last year to coordinate a potential sale of the company, according to sources familiar with the auction process.
BUSINESS
January 22, 2011 | By Alex Pham, Los Angeles Times
Warner Music Group Corp. has set the ball in motion for a potential sale of the company, even as it weighs a bid to buy rival EMI Music. Warner Music has retained Goldman Sachs to vet a bid from private equity firm Kohlberg Kravis Roberts and potentially others, according to sources at one of the companies. KKR had approached Warner late last year about a potential deal. Shares in Warner Music shot up $1.29, or 27.3%, to $6.01 as speculation of a sale overshadowed news that the New York company's chairman and chief executive, Edgar Bronfman Jr., was convicted Friday in French court of insider trading while he was vice chairman of Vivendi in 2002.
BUSINESS
January 21, 2011
Shares of Warner Music Group surged nearly 23 percent Friday on news that the world's No. 3 music company is up for sale. Warner Music has hired Goldman Sachs as an advisor to help with the process, a source familiar with the matter said on Thursday. ID:nN20176555. Private equity firm Kohlberg Kravis Roberts reportedly approached Warner Music's management to express interest in acquiring the company. The company is home to recording legends such as Ray Charles, Fleetwood Mac and the Bee Gees and to current stars like Green Day and Death Cab for Cutie.
BUSINESS
July 1, 2010 | By Alex Pham, Los Angeles Times
Warner Music Group hears sweet music in MTV's online advertising network. The music conglomerate on Wednesday announced a multiyear, nonexclusive deal to let MTV sell ads for thousands of Warner's online music videos. The music video business, which MTV pioneered three decades ago but has largely abandoned, has migrated online in recent years to sites such as YouTube and artists' individual home pages. The dispersion, however, has meant that artists and labels have collected very little advertising revenue from the videos they create because the clips have been spread far and wide across the Internet.
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