Company Overview of Warner Music Group Corp.
Warner Music Group Corp. operates as a music-based content company in the United States and internationally. The company operates through two segments, Recorded Music and Music Publishing. The Recorded Music segment is involved in the discovery and development of artists; and the related marketing, distribution, and licensing of recorded music produced by such artists. This segment also specializes in marketing its music catalog through compilations and reissuances of previously released music and video titles. It conducts its operation primarily through record labels, such as Warner Bros. Records and Atlantic Records, as well as Asylum, Big Beat, Canvasback, Eastwest, Elektra, Erato, FFRR, ...
New York, NY 10019
Founded in 1929
Key Executives for Warner Music Group Corp.
Chief Executive Officer, President and Director
Chief Financial Officer and Executive Vice President
Chairman, Chairman of Warner Bros. Records and Chief Executive Officer of Warner Bros. Records
Chief Executive Officer of International and Global Commercial Services - Warner Recorded Music
Chairman of Warner Music Nashville, Chief Executive Officer of Warner Music Nashville and President of Warner Music Nashville
Compensation as of Fiscal Year 2016.
Warner Music Group Corp. Key Developments
Pandora, Warner Music Group Reach Direct Licensing Deal
Sep 16 16
Pandora and Warner Music Group reached a direct licensing agreement covering WMG's full music catalog. Two days earlier, the company signed deals with other music labels.
Warner Music Group Corp. Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended June 30, 2016
Aug 4 16
Warner Music Group Corp. announced unaudited consolidated financial results for the third quarter and nine months ended June 30, 2016. Operating income was $45 million compared to $23 million in the prior-year quarter. OIBDA increased 20.0% to $120 million from $100 million in the prior-year quarter and OIBDA margin rose 0.7 percentage points to 14.8% from 14.1% in the prior-year quarter. The increase in operating income, OIBDA and OIBDA margin is the result of the increase in revenue as well as a $9 million gain on certain asset sales. Adjusted OIBDA rose 7.8% and adjusted OIBDA margin declined 0.8 percentage points to 13.7% from 14.5% as a result of revenue mix. Net loss was $7 million compared to net loss of $43 million in the prior-year quarter. The improvement is attributable to an increase in OIBDA as well as a gain on asset sales and a currency-related gain on the company's Euro-denominated debt. Cash provided by operating activities was $35 million compared to a use of $24 million in the prior-year quarter. The change is largely a result of improved OIBDA and the benefit of working capital management. Revenues were $811 million against $710 million a year ago. Loss before income taxes was $3 million against $39 million a year ago. Net loss attributable to Warner Music Group Corp. was $9 million against $44 million a year ago. CapEx came in at $8 million.
For the nine-month period, the company reported revenues were $2.405 million against $2.216 million a year ago. Operating income was $159 million against $90 million a year ago. Income before income taxes was $49 million against loss of $58 million a year ago. Net income attributable to Warner Music Group Corp. was $29 million against loss of $68 million a year ago. OIBDA was $384 million against $323 million a year ago.
Vevo Cuts Deal with Warner Music to License Videos
Aug 2 16
Vevo has cut a deal to license videos from Warner Music, repairing a rift between major labels that began with the launch of the service seven years ago.
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