wmg
Warner Music Posts $1.5B in Quarterly Revenue as Publishing Rises 32%
Warner Music Group, helped by digital revenue growth across recorded music and publishing, reported quarterly revenues rose 16% at constant currency (9% as reported) to $1.5 billion in the fiscal fourth quarter ended Sept. 30, the company announced Tuesday (Nov. 22). Adjusted earnings before interest, taxes, amortization and depreciation (EBITDA) grew by 16% to $276 million. In his final quarterly earnings after 12 years as Warner Music’s chief executive, Steve Cooper said, “Against the backdrop of a challenging macro environment, we once again proved music’s resilience, with new commercial opportunities emerging all the time. We’re very well positioned for long-term creative success, and continued top and bottom line growth. We’re excited to have Robert Kyncl joining next year as WMG’s ne...
Why UMG’s Public Debut Boosted Warner & Other Music Stocks Too
Demand for UMG shares may have helped two more music companies: the share prices of French music distributor Believe SA and U.S. music rights company Reservoir Media increased 3.1% and 11.6%, respectively, on Tuesday. Investors also appeared hungry enough for UMG to purchase shares of Pershing Square Holdings, which has a 10% stake in UMG, and drive its share price up 5%. Sensing an opportunity, WMG’s owner, Access Industries, sold 2.34 million shares to Morgan Stanley & Co. on Tuesday for an unspecified amount. WMG could benefit from the added liquidity to the market. Although the shares represent less than 0.5% of WMG’s outstanding shares, WMG’s float – shares available for trading – represent about 19% of its shares, according to multiple financial sources. (UMG says its float is 42...
