BUZZ-Warner Music Group down on Q1 revenue fall

Reuters

Feb 06, 2025

** 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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