BUZZ-Warner Music Group down on Q1 revenue fall
ReutersFeb 6, 2025 1:51 PM
Shares of media company Warner Music Group WMG.O fall 2.5% to $31.30 in premarket trading
Co's Q1 revenue fell ~5% to $1.67 bln, compared with estimates of $1.66 bln- LSEG
Q1 Recorded Music revenue fell 7% to $1.35 bln, partly impacted by a licensing deal extension in the prior year that resulted in $75 million of one-off revenue
Discontinuation of a distribution deal with longtime partner BMG also weighed on Recorded Music revenue - co says
Earlier on Thursday, co said it has acquired a controlling stake in Tempo Music, helping it expand its intellectual property portfolio by gaining rights for songs by artists such as Bruno Mars, Adele and Wiz Khalifa
Stock had fallen 13.4% in 2024
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