Warner Music Group, whose artists include R.E.M., Madonna and Green Day, said Thursday that higher costs and a shift to digital music resulted in a wider second-quarter loss and it suspended dividends.
Shares tumbled more than 20 percent, or $1.87, to $7.18 in morning trading.
For the period ended March 31, the New York-based recording company reported a loss of $37 million, or 25 cents per share, compared with a loss of $27 million, or 19 cents per share, a year earlier.
I’ve been saying for a while that the music biz needs to evovle or die. Looks like Warner is choosing the latter.