New York
– Major record label Warner Music Group (NYSE: WMG) saw at least a $9 million return on its
investment in music streaming service Lala when the company was acquired by
Apple (NASD: AAPL), PaidContent reported, citing a regulatory filing.
The company wrote down
$11 million of the $20 million in total that it invested in Lala last year.
PaidContent noted that Warner Music wrote off an even larger sum related to its
investment in imeem, the music service acquired by MySpace.
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(PaidContent)
