Warner Music Group Sale: 5 Years Later

"Bronfman’s purchase got him and his partners off the hook—but it hasn’t been good for shareholders. Like all major-label chiefs, Bronfman has yet to determine how to profit from digital-music sales. And after paying back its first investors’ personal contributions of $1.2 billion, Warner still has a debt load of $2.3 billion. The company even had to suspend its dividend this year. Says Morningstar analyst Larry Witt, 'Warner Music Group’s best days appear to be in the past.” - Portfolio