Clear Channel Media & Entertainment and Warner Music Group
Corp. unveiled a new strategic partnership, in which Warner Music
will be able to promote its artists using Clear Channel's
platforms, including its 850 radio stations, and share in Clear
Channel's revenue.
The deal will help Warner Music, the world's third-largest
record company by market share, give its artists added exposure
using a handful of Clear Channel assets, including its roughly
20,000 nationwide events, digital properties, iHeartRadio theaters
and outdoor assets. The agreement will include visibility in live
and televised events and unique digital services.
"The team at WMG understands that old formulas don't work as
well as they must in the digital age, and that we have to think
differently to build a robust future for the music industry," Clear
Channel Chief Executive Bob Pittman said. "Today, music companies
and media and entertainment companies need to be more supportive of
each other's needs. This agreement begins that new era, and will
help both companies thrive in the digital world."
Warner Music, owned by Access Industries Inc., like its peers in
the industry, has strived to capitalize on the popularity of
digital music as the age of physical recordings wanes. It lags in
market share behind Vivendi SA's (VIV.FR, VIVEF) Universal Music
Group and Sony Corp.'s (SNE, 6758.TO) Sony Music Entertainment.
Write to Ben Fox Rubin at ben.rubin@wsj.com
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