“A year ago, WMG was at $27,” Friedman reports.
“In effect, the company has no value for outside investors. Whatever the insiders have made — millions upon millions — was for them and had nothing to do with the music industry, the record business or recording artists…” Friedman reports. “It’s very naïve, perhaps, to think Edgar Bronfman Jr. and Lyor Cohen had any interest in having a record company. They just wanted money.”
“Where does that leave WMG? Aside from the still-beating little heart of Atlantic Records and the catalog company, Rhino, hidden within it, there’s nothing. If Atlantic weren’t doing business, WMG would cease to function at all. And even then, Atlantic is on its last legs, using Matchbox Twenty’s greatest hits and the not-so-new-anymore Kid Rock album to prop itself up for the holiday season,” Friedman reports.
Full article, with more entertainment news, here.
Eliminate the Middelbronfman.