Warner Music Exec. Sells 23 Percent of Stake

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Warner Music Group’s top U.S. executive for recorded music, Lyor Cohen, sold 23 percent of his shares in the company earlier this week, according to a Securities and Exchange Commission filing.

The move comes after Warner’s shares have climbed nearly 80 percent from all-time lows in January, as long-held concern about the company’s prospects in the beleaguered music industry appears to be abating. Warner is based in New York but has most of its operations in the Los Angeles area.

One Wall Street analyst said the sale by Cohen, chairman and chief executive of Warner Recorded Music North America, contradicted management’s contention that the company’s shares were undervalued.

In a separate filing, Warner Music said it has bought a majority stake in a Spanish company specializing in artist management as it seeks to expand alternative sources of revenue to compensate for falling CD sales, according to Reuters.

Warner declined to say what it had paid for the stake in Get In, which manages Spanish acts including Grammy award-winning band La Oreja de Van Gogh and has staged concerts for international artists such as Lenny Kravitz and Metallica.


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Read the full Reuters story

about Cohen’s stock sales.



& #8226;


Read the full Reuters story

about the Get In aquisition.

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