Warner Music Group Corp. Reports Third Quarter 2008 Results for the Period Ended June 30, 2008

Digital Revenue Increased 39% Year-Over-Year to $166 Million NEW YORK, NY--(Marketwire - August 7, 2008) - Warner Music Group Corp. -- Total revenue of $848 million increased 5% from $804 million in the prior-year quarter, and declined 1% on a constant-currency basis. -- Digital revenue was $166 million, or 20% of total revenue, up 1% sequentially from $164 million in the second quarter of fiscal 2008 and up 39% from $119 million in the prior-year quarter. -- Operating income from continuing operations increased 11% to $51 million from $46 million in the prior-year quarter. The prior-year quarter included a net benefit of $6 million resulting from a $52 million benefit related to our settlement with Bertelsmann AG regarding Napster, $38 million in expenses related to the company's fiscal 2007 realignment initiatives and $8... [read full story]