Finance

  1. SESAC Refinances Debt to Cut Interest Payments

    April 08, 2014 9:38 PM EDT SESAC, the privately held performance rights organization, is reshuffling its debt to achieve cost savings in interest payments, according to a report from Moody's Investors Services. The refinancing will see SESAC take on $5 million more in ...

  2. Warner Music's Revenue, Digital Sales Up in Fiscal Fourth Quarter

    December 13, 2012 8:30 AM EST Warner Music Group on Thursday posted a rise in revenue and narrower losses for its September quarter. The company also reported a rise in both its physical and digital recorded music. "We had a very productive year," said CEO Stephen Co ...

  3. Concord Music Being Shopped to Private-Equity Firms, Not Strategic Suitors

    December 05, 2012 8:27 PM EST Reports that the Concord Music Group is up for sale are true, knowledgeable sources say. But there is one key factor that appears to have been overlooked thus far: management is controlling the company's sale process so far. Consequently, Con ...

  4. Business Matters: A $3 Billion Valuation Brings Spotify Expectations Back to Earth

    November 12, 2012 6:10 PM EST News that Spotify raised money at a $3 billion valuation and generated $200 million in revenue in the first half of 2012 is more like the sound of air being let out of a tire rather than a bursting bubble. The company has been hyped more than any ...

  5. Spotify Raising $100m for Expansion; Opening in Latin America, Eastern Europe Next Year

    November 11, 2012 9:00 AM EST Spotify is close to wrapping up a $100 million round of funding at a valuation of $3 billion as it prepares for expansion into Latin America and expanding further across Europe in 2013. The latest round of funding, confirmed by a source familiar w ...

  6. Warner Music Inks Refinancing Deal with Lower Interest Payments, Balance Sheet Flexibility

    November 07, 2012 4:23 PM EST Warner Music Group has successfully completed a refinancing that will reduce its annual interest payments by about $43 million annually, Billboard estimates. As well as lowering interest payments, the world's third largest music company is al ...

  7. Clear Channel Parent Posts Improved Third-Quarter Results

    November 02, 2012 11:28 AM EDT CC Media Holdings, the parent company of radio giant Clear Channel Communications, on Friday reported slightly higher first-quarter revenue and a narrowed loss. Billboard's FutureSound Conference, takes place November 15-16 in San Francisco. ...

  8. SiriusXM CEO Karmazin Calls Internet Radio 'Race to the Bottom' on Earnings Call

    November 01, 2012 10:46 AM EDT Outgoing SiriusXM CEO Mel Karmazin slammed the business model behind personalized Internet radio services during an otherwise upbeat third-quarter earnings call Thursday. While advertising-based Internet radio company Pandora has yet to turn a pro ...

  9. Warner Music Refinances for Lower Debt Payments

    October 17, 2012 11:42 AM EDT Warner Music Group is refinancing part of the $2.21 billion in debt that Len Blavatnik's Access Industries used to finance its acquisition in 2011, according to a regulatory filing . The world's third-largest music company kicked off a t ...

  10. Warner Music Group Expects Improved Revenues In Q4

    October 16, 2012 10:02 PM EDT When the Warner Music Group (WMG) reports its financials for the three-month period ended Sept. 30, the company expects revenue to total $721 million to $741 million, an improvement over the $719 million reported in the corresponding period for th ...

  11. John Malone is Quite The Risk Taker

    October 15, 2012 8:27 AM EDT The billionaire might be making more music investments like AEG. John Malone, the billionaire investor most responsible for cable TV's presence in more than 100 million U.S. homes today, is doubling down on his two music-led investments and ...

  12. Business Matters: Accounting Explains How Spotify's Business Model Can Succeed

    October 05, 2012 6:15 PM EDT A website that posts the financials of privately held companies has revived the debate about the sustainability about Spotify's business model. This is a debate worth having, but a tweak to Spotify's income statement may lead to a more i ...

  13. Former EMI Owner Terra Firma Seeks Appeal in Lawsuit Against Citigroup

    October 05, 2012 3:09 PM EDT Terra Firma Capital Partners LP has asked a U.S. appeals court for a new trial over its claims that it was deceived by Citigroup Inc. while bidding for EMI Music, according to numerous reports . The case originally went to trial in October 2010. A ...

  14. Omnifone, Powers Music For Sony, BlackBerry, Rara.com, Turns Profit

    September 11, 2012 12:58 PM EDT Profits of any kind are rare in digital music, but there's money to be made powering other company's services. White-label service Omnifone announced Tuesday its first annual operating profit in the company's nine-year history. The ...

  15. Dick Clark Productions Considering Sale (Report)

    June 14, 2012 6:30 AM EDT The owner of Dick Clark Productions, the producer of the Golden Globe awards show, started evaluating a sale of the firm after receiving an expression of interest from an unnamed Chinese media firm, the New York Times reported. As reported, Dick C ...

  16. Amanda Palmer Changes the Way Albums are Funded Through Kickstarter

    June 13, 2012 7:20 PM EDT You may have missed it, but music business history was made May 30 when singer/songwriter Amanda Palmer raised $1 million in less than a month for an album no one has heard. She did this on Kickstarter, an online platform that has helped thousands ...

  17. ICM Finalizes Equity Firm Buyout, Excludes Former CEO Jeffrey Berg

    May 23, 2012 4:28 PM EDT International Creative Management has finalized its deal to buy out majority owner Rizvi Traverse Management and has formed a new partnership structure for the agency, the company said Wednesday. ICM will be renamed ICM Partners to reflect the cha ...

  18. Warner Music Group Revenue Slipped 8% in Q1

    May 15, 2012 9:33 AM EDT Warner Music Group revenue slipped 8% in the first three months of 2012 to $628 million from $684 million in 2011. The company did more with less, however, as operating income before depreciation and amortization rose 4% to $85 million and net los ...

  19. Business Matters: Doing More With Less - A Key Theme at NARM 2012

    May 11, 2012 9:03 PM EDT Doing More With Less -- A Key Theme at NARM 2012 -- The theme at NARM's Music Biz 2012 conference was forced austerity. "We're doing more with less," one major label executive said when asked how his company was doing.Outsourci ...

  20. Live Nation 1Q Loss Expands; Revenue Ticks Up

    May 09, 2012 9:55 PM EDT Concert promoter Live Nation Entertainment Inc. said Wednesday that its first-quarter net loss expanded even as revenue ticked higher, as it did not repeat an income tax windfall from a year ago. The net loss in the three months to March 31 grew t ...

  21. Best Buy to Close 50 Big-Box Stores, Open 100 Mobile Locations

    March 29, 2012 11:16 AM EDT Best Buy Co. said it plans to close 50 big box stores and open 100 small mobile locations in the U.S. in fiscal 2013 and cut $800 million in costs by fiscal 2015. The news came Thursday as the biggest U.S. specialty electronics retailer posted a f ...

  22. How To Get Your Music & Tech Startup Funded Panel @ SXSW

    March 14, 2012 1:19 PM EDT SXSW's "Getting Your Music/Tech Startup Funded" panel brought together a spectrum of financial backers, from the bottom level to the very high end. Moderated by the San Jose Mercury News' Peter Delevett, the panel was populated ...

  23. Business Matters: Are Advances Hurting Digital Music?

    February 15, 2012 9:10 PM EST Are Advances Hurting Digital Music? -- Are the advances paid to rights owners by music startups hurting digital music or limiting rights owners' exposure? One view of advances is the one espoused by Larry Marcus of Walden Venture Capital. &qu ...

  24. SESAC for Sale, Owners Seeking $500 Million: Report

    February 15, 2012 8:45 AM EST SESAC's owners, which include investment bank Allen & Co. and hedge fund Och-Ziff, are seeking approximately $500 million for performing-rights organization, according to the New York Post . The organization has hired Goldman Sachs to sho ...

  25. Warner Music Group Spent Less, Revenue Remained Flat in Holiday Quarter

    February 09, 2012 12:54 PM EST The holidays were good to Warner Music Group. Key releases by Michael Buble, Nickelback and the Black Keys helped Warner post flat revenue of $779 million in the fourth quarter of 2011 and first of the company's fiscal year. Operating earning ...

  26. EMI Split Sale Approaches, But Complications Persist

    November 10, 2011 7:14 PM EST Press reports in the Guardian and the Wall Street Journal may suggest that Citigroup is close to completing two separate deals to sell EMI, but sources say that both negotiations still have complications to overcome. Citigroup is seeking $1.7 mill ...

  27. UK Abolishes Reviled Tax Loophole Undercutting CD, DVD Sales

    November 10, 2011 4:24 PM EST A controversial sales tax loophole that enabled mail-order retailers based in the Channel Islands to sell reduced cost music product to U.K. consumers is to be abolished by the British Treasury. The islands, located near the northern coast of Fran ...

  28. Sirius XM Radio Adds 334,000 Subscribers in Third Quarter

    November 01, 2011 9:05 AM EDT Sirius XM Radio added 334,000 subscribers in the third quarter, the satellite radio company reported Thursday. That brings their total to 21.3 million subscribers. It also reported a revenue of $763 million, up 6 percent over third quarter 2010 re ...

  29. Amazon's Third-Quarter Profit Down 73%, Stocks Drop

    October 25, 2011 4:37 PM EDT Amazon says its third-quarter net income sank 73 percent despite sales growth as the online retailer spent money to grow its business. The company's earnings fell short of analyst expectations and its stock fell nearly 20 percent in after-hou ...

  30. Business Matters: Shrinking IPO Market Hurt Venture Capital in Q3

    October 11, 2011 8:15 PM EDT Shrinking IPO Market Hurt Venture Capital in Q3 -- Venture capital fundraising fell to an eight-year low in the third quarter, according to the National Venture Capital Association (NVCA). Firms raised $1.7 billion in the quarter, down sharply fro ...

  31. U.K. Study Says Private Sector Undervalues Creative Industries

    October 11, 2011 3:14 PM EDT Ed Vaizey, the U.K.'s government minister for culture, communications and creative industries, yesterday (Oct. 10) expressed his dismay at British investors' failure to appreciate the creative businesses' financial value. Speaking d ...

  32. Willie Robertson, Music Biz Insurance Pioneer, Remembered

    July 21, 2011 11:16 AM EDT The life of music industry insurance innovator Willie Robertson (67), who died of cancer in London on July 9, is to be celebrated at a London thanksgiving service Oct. 5 Robertson pioneered insurance for touring acts, building a former pariah sect ...

  33. France's SACEM Revenues Up 7.5% Last Year

    July 13, 2011 2:36 PM EDT Sacem, the French authors and publishers collection society, has just announced 7.5% growth in 2010 to €819.6 million (about $1.16 billion), the agency's first growth that's exceeded inflation in five years, according to Sacem report. In ...

  34. EMI Gears Up for 'Possible Sale' -- Read CEO Roger Faxon's Memo to Staff

    June 20, 2011 3:23 PM EDT EMI issued a statement on Monday saying that it has launched an effort to find a new owner, among other "strategic alternatives." The company's board "has initiated a process to explore and evaluate potential strategic alternat ...

  35. Pandora Ends First Day of Public Trading Up Just 9%, But Worth More Than Live Nation, Warner Music Group

    June 15, 2011 5:38 PM EDT For a brief moment on the opening day of trading of Pandora's stock, the company had a market value of $4.2 billion - over three times that of Warner Music Group's current $1.28 billion market value. But after the company's shares r ...

  36. Business Matters: Trans World's Music Sales Get a Boost From Healthy Catalog Performance

    May 23, 2011 6:19 PM EDT Trans World's Music Sales Get a Boost From Healthy Catalog Performance -- Trans World's first-quarter results were a good reflection of overall music sales: same-store revenue was down slightly, catalog sales were good -- they were great ...

  37. Business Matters: Despite Media Reports, EMI Did Not Post a $535 Million Profit Last Year

    May 18, 2011 4:46 PM EDT Don't Believe the Hype: EMI Did Not Post a $535 Million Profit Here's another reason not to believe everything you read in the papers: London's Sunday Times reported that EMI's most recent annual profit rose 7% to £330 million ...

  38. Warner Music Group's Latest Quarter Aims to Justify its $3.3 Billion Price Tag

    May 10, 2011 12:39 PM EDT Warner Music Group posted relatively upbeat results for its second fiscal quarter on Tuesday, less than a week after the company agreed to be acquired by Access Industries for $3.3 billion . The results were a glimpse into the reasons why Access w ...

  39. Sale of Warner Music Group Means Less Financial Transparency in Music Business

    May 06, 2011 4:22 PM EDT While insiders don't expect many major operational changes stemming from Access Industries' acquisition of the Warner Music Group , the move certainly means less transparency in the music industry and the loss of the only publicly traded ...

  40. Warner Music $3 Billion Buyout Could be Done this Week: Source

    May 02, 2011 7:13 AM EDT Final buyout bids for Warner Music Group are due on Monday and the company could be sold by the end of the week in a deal valued at over $3 billion, according to a person familiar with the matter. The third round of bids is led by two competing fi ...

  41. Business Matters: TicketBiscuit Acquires Dais Limited

    April 15, 2011 7:57 PM EDT TicketBiscuit Acquires Dais Limited -- TicketBiscuit added more heat to an already hot ticketing market by acquiring Portland, Ore.-based Dais Limited , the company announced on Friday. Dais founder Jason Mastrine will become TicketBiscuit's ...

  42. Business Matters: Music-Related Startups Raise $123 Million In First Quarter

    April 12, 2011 8:50 PM EDT Music-Related Startups Raise $123 Million In First Quarter -- The money started pouring back into digital music last quarter. Ten music and music-related startups raised $124.3 million in venture capital in the first quarter of 2011. Billboard tra ...

  43. Alan Tuchman, Alliance Entertainment CEO, Resigns

    April 12, 2011 3:00 PM EDT Alan Tuchman, who led Alliance Entertainment since 2003, has resigned from the CEO position and will leave the company at the end of the month. Platinum Equity and the Gores Group last September acquired the music and video wholesaler, which has a ...

  44. Warner Board to Review Bids This Week

    April 11, 2011 7:34 AM EDT Warner Music Group's board is expected to review second-round bids for the company at a meeting in the coming week, a source familiar with the matter said. Up to 10 investors have put in bids ahead of the meeting, offering a range of valuatio ...

  45. Wall Street Analysts, Investors Unenthusiastic About Possible Live Nation-Warner Music Union

    April 04, 2011 1:51 PM EDT While the stock market appears indifferent to Live Nation's bid for the Warner Music Group 's recorded music operation, Wall Street analysts and investors surveyed by Billboard over the past couple of days gave the potential deal a thumb ...

  46. Report: Myspace Bidding Starts Wednesday, Music Unit Planning New Products

    April 04, 2011 11:48 AM EDT Myspace and parent company NewsCorp will give interested bidders for the struggling social networking site access to its financials and other details beginning this Wednesday, according to a report in AllThingsD . While reports of "talks" ...

  47. Big Entertainment Stocks Post First-Quarter Gains

    April 01, 2011 7:35 AM EDT The opening quarter of 2011 saw the shares of a range of entertainment conglomerates hit new multiyear highs as double-digit gains for all sector biggies except Sony Corp. outpaced the broad-based S&P 500 stock index. The gains, led again by C ...

  48. IFPI 2011 Report: Global Recorded Music Sales Fall 8.4%; Eminem, Lady Gaga Top Int'l Sellers

    March 30, 2011 11:00 AM EDT Trade revenue generated by global recorded music sales totaled $15.9 billion in 2010, according to the International Federation of the Phonographic Industry's (IFPI) annual report. That represents a year-on-year decline of 8.4% compared to 20 ...

  49. Alliance Entertainment Acquires EDGE Entertainment Distribution

    March 11, 2011 3:34 PM EST Alliance Entertainment has acquired EDGE Entertainment Distribution in the first move of a planned roll-up of music and video wholesalers. Terms of the deal were not disclosed but Platinum Equity and the Gores Group, which financed the acquisition ...

  50. Business Matters: Twittering Bankers; Market to iPad 2: Meh

    March 03, 2011 7:06 PM EST Tweeting Bankers: Is JP Morgan Chase Investing in Twitter? -- Is JPMorgan Chase trying to invest in Twitter at an astounding $4.5 billion? Sort of. New York Magazine has a good explanation of the whole affair. JP Morgan is not going to make a dire ...

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