February 11, 2009 2:30 PM
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10-Q Watch: WMG's Digital Investments: $15 Million For Imeem; $20 Million For LaLa Confirmed
(PaidContent.org)
This story was written by Joseph Weisenthal.
Warner Music Group (NYSE: WMG) reported better than expected profits this morning, helped in part by solid digital growth. In its 10-Q, the company provides some detail on its investment activity in the digital area. As had been previously rumored, WMG confirms that he has invested $20 million in polymorphous music startup Lala.com. The company has previously acknowledged an investment in the site, sans-price. The other big investment is in legal music sharer iMeem, where it has invested $15 million. This has been an evolving relationship, as Warner and iMeem start off as legal adversaries, before agreeing to a rev share agreement. In February, the company acknowledged that it had made an investment in the company. And now it's put a price on that investment.
By Joseph Weisenthal
Warner Music Group (NYSE: WMG) reported better than expected profits this morning, helped in part by solid digital growth. In its 10-Q, the company provides some detail on its investment activity in the digital area. As had been previously rumored, WMG confirms that he has invested $20 million in polymorphous music startup Lala.com. The company has previously acknowledged an investment in the site, sans-price. The other big investment is in legal music sharer iMeem, where it has invested $15 million. This has been an evolving relationship, as Warner and iMeem start off as legal adversaries, before agreeing to a rev share agreement. In February, the company acknowledged that it had made an investment in the company. And now it's put a price on that investment.
By Joseph Weisenthal
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