Imeem, Lala investments not paying for Warner
Investments made in Web music services Lala, Imeem, and MySpace Music haven't paid off for Warner Music Group, at least not yet.
The third largest of the four biggest recording companies said Thursday it would write down $33 million, most of it from investments made in Lala and Imeem. Edgar Bronfman Jr., Warner Music's CEO, also said after the company issued quarterly earnings report that MySpace Music's performance has so far "disappointed."
Warner Music's write down--$16 million in Imeem and about $11 million in Lala--is a reflection of the company's valuations during … Read more