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Warner Music buoys AOL as merger looms.
The wisdom of AOL Time Warner's decision to sell its CD and DVD manufacturing business to reduce debt was highlighted last week, when it emerged that the group's music operation was one of the group's better performers in the second quarter of the year.
While businesses such as publishing and networks reported falling operating income before depreciation and amortisation (OIBDA), Warner Music was one of only three business segments to show an OIBDA upturn, with $105m for the three months ended June 30, 2003, compared with $102m for the same period the previous year.
Revenue, helped by increased shipments of releases and, in some cases, favourable currency exchange rate fluctuations, also increased in the period--from $971m in 2002 to $1.1bn in 2003.
Overall, AOL Time Warner reported a 4% decrease in OIBDA from $2.3bn to $2.2bn, with revenues slightly improved at $10.8bu ($10.2bn).
According to the company, whose music group Warner ...