“Warner Music Group got at least $9 million back of the $20 million it invested in online music service Lala.com, after the latter’s sale to Apple, according to a proxy statement it filed this morning,” Rafat Ali reports for paidContent.
“This after it wrote down $11 million of its $20 million investment earlier last year, after disappointing results. Besides the money invested, WMG also had warrants worth $4 million which were exercisable based on whether Lala.com was able to help sell 25 million CDs in 5 years after the original 2007 agreement,” Ali reports. “No surprise, that didn’t happen.”
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