Major Label Makes a Profit

BenjaminsVariety says that WMG reported a $23 million net profit last quarter:

Edgar Bronfman’s company posted a $23 million net profit in the fiscal first quarter that ended Dec. 31 compared with a $16 million loss in the year-earlier period. Total revenue declined 11% to $878 million, but digital revenue soared 20% to $171 million and now comprises 19% of total revenue.

Wow, $23 million in one quarter! Seems like a lot, right? That’s even more than the $14,833,471 of combined annual “basic compensation” (as of September 2008) of WMG’s top 6 officers:

• Lyor Cohen: $4,574,750

• Edgar Bronfman: $3,419,860

• Michael Fleisher: $3,239,430

• David Johnson: $1,453,590

• Paul Robinson: $1,332,960

• Steven Macri: $812,881

Nice work if you can get it! I’m sure they’re worth every penny.

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