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Warner Music says 4Q revenue grew, losses shrank
NEW YORK (AP) - Warner Music Group Corp., the third largest recording company in the U.S., says quarterly revenue grew for the first time in five quarters in the three months through September as sales grew of both digital music and CDs.
CEO Stephen Cooper says the company is positioned to take advantage of the music industry's "more stable recent trends."
Japanese acts Kobukuro and Tatsuro Yamashita lifted sales, as did Green Day, Superfly and Muse.
Warner Music said Thursday that revenue rose 2 percent to $731 million, the first increase since the April-June 2011 quarter, when sales rose 5 percent.
The company's loss shrank to $18 million from $103 million.
Warner Music was taken private by billionaire Len Blavatnik's Access Industries for about $1.3 billion in July last year. It still has publicly traded debt.
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- At minimum, a bad deal
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