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Nothing May Stop EMI purchase by Warner

Warner Music Group CEO Edgar Bronfman Jr. continues to tease the industry with his refusal to commit to whether EMI will be bought by Warner, the third largest label in the world, following Universal Music Group and Sony Music.

“From a regulatory standpoint,” Bronfman is said to have stated, “further consolidation in the recorded music industry is possible.” Even though he was referring to the stamp of approval by the European Union regarding the famous merger of Sony Music and BMG, many speculate that he may actually be referring to the potential merging of Warner and EMI, two financially-troubled labels of which the futures of neither one are clear.

While EMI reported an annual loss of USD$2.4 billion only recently, Warner Music also reported a quarterly net loss of $17 million just 2 weeks ago.

“Our goals remain focused on delivering strong returns on A&R investments while we develop new business models, diversify our revenue mix and fortify our digital leadership position,” Bronfman stated in a press release.

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22/02/2010 Posted by | Music News | , , , , , , | 1 Comment