WMG’s Bronfmen & Cohen Paid $14 Million In 2009
Two Top Warner Music Execs Collect Twice Their 2007 Payouts
According to a new SEC filing, Warner Music Group's two top executives, Edgar Bronfman Jr. and Lyor Cohen, earned a combined $14 million in salary, bonuses, stock and stock options in 2009. That's down $2 million from their combined 2008 compensation, but twice what they earned in 2007. This chart via paidContent details for WMG's four top execs:
click on image to enlarge
The millions of dollars in compensation to the company's leader comes at a time of widening losses and shrinking revenue at WMG.
WMG Paid $9M In Apple Lala Deal, 2.8M From Thumbplay –
According to the filing WMG recieved at least $9 million of the $20 million it invested in Lala.com, after the site's sale to Apple Warners wrote down $11 million of its $20 million investment earlier last year.
From the filing - “In Dec 2009, the Company sold its equity interest in la la and entered into an agreement to terminate a memorandum of terms relating to the formation of an international joint venture for total cash consideration of approximately $9.0 million as part of a sale of la la to Apple Inc. The warrants had an exercise price that was in excess of the total merger consideration paid in respect of the shares for which it could be exercised and, therefore, expired at the time of the closing of the sale of la la to Apple Inc.”
A deal with Thumbplay for ringtones and mobile downloads netted WMG $2.8 in 2009 according to the filing.
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I’m not shocked by this! Bronfman (the devil) and Lyor (which is way too close to LIAR), have been skimming millions for the past 3 years from WMG. Sadly, amid all the OBVIOUS thievery, nobody’s doing anything to stop them.
I say, let them keep doing what they’re doing until the label completely folds, then send the feds in after them. I’m sure it’ll end like Madoff.
Lyor is speaking tomorrow in Brooklyn: http://www.meetup.com/BLKNY30/calendar/12276640/?a=wm1_rsvp