** 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
(Reporting by Harshita Mary Varghese in Bengaluru)
((HarshitaMary.Varghese@thomsonreuters.com))
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