Got this off TWX's most recent 10-Q:
MUSIC
Warner Music Group posted third-quarter EBITA of $99 million, up 10%, compared to $90 million
in the third quarter of 1997. For the first nine months, Warner Music Group EBITA was $288
million, compared to $314 million a year ago. Contributing to the quarter's results were increased
sales of both domestic and international recorded music. Warner Music Group has the leading U.S.
year-to-date market share at 20%, as measured by Soundscan. Top sellers for the quarter included
City of Angels soundtrack, Barenaked Ladies, Brandy, Dr. Dolittle soundtrack, Hootie and the
Blowfish, The Corrs, Keith Sweat, Madonna, Gerald Levert and Tatsuro Yamashita. Madonna was
the top winner at the MTV Video Music Awards, picking up six awards, including Video of the
Year.
Seems to me that entering the webspace is the right thing to do, especially since Turner believes that it is important to change with the times as new forms of media develop. Well, the internet is the latest amazing form of media. An equity investment at least looks reasonable.
Miller |
