- Warner Music Group Corp (NASDAQ:WMG) disclosed planning for the succession of CEO and director Stephen Cooper.
- WMG expects the transition to happen by the end of 2023.
- Cooper has served as CEO since 2011.
- He will continue to serve as CEO and director until his successor is appointed.
- WMG reported second-quarter FY22 revenue growth of 10% year-on-year to $1.376 billion, missing the consensus of $1.38 billion. EPS was $0.18, down from $0.22 last year.
- Recorded Music revenue grew 8% Y/Y to $1.15 billion. Music Publishing increased 20% Y/Y to $230 million, and Digital grew 8% Y/Y to $931 million.
- Adjusted OIBDA margin decreased 50 bps to 19.9% due to revenue mix and growth of lower-margin revenue streams.
- Price Action: WMG shares traded lower by 0.90% at $25.16 on the last check Wednesday.
- Photo Via Company
