8/15/2008

WMG Head Honcho Blows Stock; Price Drops

Earlier this week, Lyor Cohen, the Warner Music Group’s top US exec, sold of a quarter of his holdings in the company (800,000 of hs 3,000,000+ shares) at $8.45 for an approximate total of $6.8 million. (The price of the stock later fell 77 cents to $7.27.) Not bad for a dude that started out in the business as Run DMC’s tour manager, huh? But the gist of this piece of news, as far as we’re concerned, is that WMG’s stock is not even worth $10 a pop. Wow…

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