With news Apple (NASDAQ:AAPL) is in negotiations with major music labels Universal Music Group, Sony Music Entertainment (NYSE:SNE), Warner Music Group Corp. (WMG) and EMI Group Ltd.for the purpose of improving iTunes customers’ access to music on multiple devices, the question is how painful that could become to Sirius (NASDAQ:SIRI), which is finally starting to get some competition, and some of it is potent.
"Clearly, Sirius XM Radio is in no position to take a hit from Apple," says Seeking Alpha, "whose confidence is expressed well through this segment of their annual report:
“'Additionally, the Company’s strategy includes expanding its distribution network to effectively reach more customers and provide them with a high-quality sales and post-sales support experience. The Company is therefore uniquely positioned to offer superior and well-integrated digital lifestyle and productivity solutions.'
"I believe that the price of SIRI stock may drop significantly if Apple follows through with its plans with the aforementioned various music industry giants and takes a generous slice of Sirius XM Radio’s pie of profit."
Sirius plunged Monday to closed at $1.74, dropping $0.07, or 3.87 percent.
Source
Showing posts with label Sony Music. Show all posts
Showing posts with label Sony Music. Show all posts
Tuesday, March 8, 2011
Thursday, March 3, 2011
Sony Music (SNE) Lands Universal Music's Morris
Former Universal Music Group chief Doug Morris has been named to make his long-rumored move to lead rival music group Sony Music Entertainment.
Morris will join Sony Music on July 1 after several weeks of contract negotiations between Morris, his former employers and Sony Corp Chief Executive Sir Howard Stringer. Morris had still been under contract at Vivendi SA's Universal Music as chairman till December 31 this year and only got a contract release this week.
Morris ran Universal Music for 15 years until he stepped down last year as CEO. He replaces Sony Music's current CEO, Rolf Schmidt-Holtz, who retires on March 31 after five years.
Sony said Stringer will oversee the executive decision-making at Sony Music for the few months prior to Morris coming on board in the summer.
Full Story
Morris will join Sony Music on July 1 after several weeks of contract negotiations between Morris, his former employers and Sony Corp Chief Executive Sir Howard Stringer. Morris had still been under contract at Vivendi SA's Universal Music as chairman till December 31 this year and only got a contract release this week.
Morris ran Universal Music for 15 years until he stepped down last year as CEO. He replaces Sony Music's current CEO, Rolf Schmidt-Holtz, who retires on March 31 after five years.
Sony said Stringer will oversee the executive decision-making at Sony Music for the few months prior to Morris coming on board in the summer.
Full Story
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