Rich Fiscus
9 Dec 2011 3:40
It's no surprise Warner Music Group was up for sale recently. They have just released their first annual financial statement since being sold back in May.
The recording industry has fading quickly in recent years and WMG's fiscal 2011 report doesn't show any signs that's changing. They reported a loss of $205 million.
To put the scale of this loss into perspective, in the fourth quarter alone WMG lost $103 million. This is 124% of their loss in the same quarter last year.
This may also explain why CEO Edgar Bronfman stepped down from that position earlier this year. Of course, in a move you would expect in an industry this clueless, he was appointed Chairman of the Board of Directors, putting him in charge of developing a strategy for the future.
After the wonderful job he did as CEO, what could possibly go wrong?