Google Play Expands
Google Play members in Canada now have access to film downloads and will soon be able to download 320 kbps MP3s from the service, which now includes material from Warner Music Group’s extensive catalog.
The service will also include a cloud like system that will scan and match a person’s current music collection. This service will be accessible through android devices and will be free.
Cinram Files For Bankruptcy
Cinram, one of the world largest CD, DVD and blu-ray manufacturers, has filled for bankruptcy. This was in response to the loss of a major contract with Warner Music Group Corp.
Warner Music Group Sold For $3.3 Billion
Warner Music Group will be sold to Access Industries for $3.3 billion Cash according to an official press release.
The group, which consists of multiple labels and music publishing companies, had considered to sell individual parts of the company but has recently decided to sell the group as a whole.
Citigroup / EMI Update
EMI has been taken over by Citigroup and now people are wondering if a merger with Warner Music Group is possible because of EMI‘s dept.
According to Billboard, Warner Music Group has a debt of $2.4 Billion whilst EMI‘s debt is $1.9 Billion.
EMI had been $5.5 Billion dollars in debt before Citigroup “recapitalized EMI through a debt-for-equity swap”.