Company Overview of Warner Music Group Corp.
Warner Music Group Corp. operates as a music-based content company in the United States, the United Kingdom, 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, E...
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
Chief Executive Officer of International and Global Commercial Services - Warner Recorded Music
Chairman of Warner/Chappell Music and Chief Executive Officer of Warner/Chappell Music
Compensation as of Fiscal Year 2017.
Warner Music Group Corp. Key Developments
Spotify Reportedly Reached A Licensing Deal
Jul 13 17
Spotify AB with a second major label Sony Music Entertainment AG, according to media reports, setting the stage for a U.S. stock market listing by the music streaming leader. Recently valued at $13 billion, Sweden's Spotify is planning a direct listing on the New York Stock Exchange later this year or in early 2018, sources told Reuters in May 2017. Spotify is also in talks with Warner Music Group , Billboard reported. Spotify declined to comment. Sony Music Entertainment and Warner Music Group did not respond to requests for immediate comment.
Warner Music Group Corp. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended March 31, 2017
May 8 17
Warner Music Group Corp. announced unaudited consolidated financial results for the second quarter and six months ended March 31, 2017. Operating income was $78 million, compared to $52 million in the prior-year quarter. OIBDA increased 11.0% to $141 million from $127 million in the prior-year quarter. The improvement in operating income and OIBDA was the result of increased revenue. The increase in OIBDA margin was due to revenue mix, which was partially offset by higher variable compensation expense. Adjusted OIBDA rose 13.2% and Adjusted OIBDA margin was up 0.4 percentage points to 17.7% as a result of the same factors that impacted OIBDA and OIBDA margin. Net income was $20 million, compared to $12 million in the prior-year quarter, and Adjusted net income was $25 million, compared to $14 million in the prior-year quarter. The increase was primarily attributable to higher OIBDA, lower interest expense and a tax benefit that primarily related to currency losses on an intercompany loan. These factors were offset by higher other expenses related to losses on the company’s Euro-denominated debt and derivative assets, as well as a loss on investment. As of March 31, 2017, the company reported a cash balance of $476 million, total debt of $2.767 billion and net debt (total long-term debt, which is net of deferred financing costs of $34 million, minus cash) of $2.291 billion. Cash provided by operating activities was $70 million, compared to $111 million in the prior-year quarter. The change was largely a result of working capital use related to higher receivables at quarter-end due to improved operating results, which more than offset the increase in OIBDA. Revenue was $825 million against $745 million for the same period of last year. Income before income taxes was $23 million against $27 million for the same period of last year. Capital expenditures were $10 million against $13 million for the same period of last year.
For the six months, revenue was $1,742 million against $1,594 million for the same period of last year. Operating income was $172 million against $114 million for the same period of last year. Income before income taxes was $64 million against $52 million for the same period of last year. Net income attributable to the company was $41 million against $38 million for the same period of last year. Net cash provided by operating activities was $226 million against $172 million for the same period of last year. Capital expenditures were $18 million against $23 million for the same period of last year.
Warner Music Group Corp. to Report Q2, 2017 Results on May 08, 2017
May 4 17
Warner Music Group Corp. announced that they will report Q2, 2017 results at 8:30 AM, Eastern Daylight on May 08, 2017
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