WARNER HAS SOLD $400M OF SPOTIFY STOCK – AND SAYS IT WILL SHARE MONEY WITH ARTISTS AND LABEL PARTNER
Breaking news: Warner Music Group has cashed in $400m of Spotify shareholdings – worth around three-quarters of its total equity in the streaming company. The news comes less than a week after MBW revealed that Sony had liquidated half of its Spotify stock, from which it generated around $750m. In the past few minutes, WMG boss Steve Cooper told the major music company’s investors that the firm had “sold about 75% of our Spotify equity for approximately $400m”.
.... The exec confirmed, for the first time, what Warner’s distributed label partners can expect as a result.
“We’ll share these proceeds [the same way] we share revenue from actual streams and so-called digital breakage,” said Cooper. “In addition, we will be sharing equity proceeds with distributed labels – if [this is] included in their agreements with us.”
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