AOL Time Warner have announced that they have finally struck a deal to sell Warner Music Group's DVD and CD manufacturing businesses. The companies will go to Cinram International, one of the world's largest independent providers of multimedia services and products, as part of a $1bn deal. The sale is part of AOL Time Warner's bid to tackle its current financial problems.
Roger Ames, chairman and CEO Warner Music Group said: "We're in a period of rapid change in the music business and are working to make Warner Music Group as streamlined, efficient and agile as possible. The agreement we are announcing today is part of that evolution."
Elsewhere in Warner-world, Chappell Music, have made more than a dozen US employees redundant including New York-based VP A&R International Patrick Conseil, Nashville office head Tim Wipperman and L.A.-based VP Int'l A&R Affairs Barbara Quinn. The move comes among rumours that Chappell Music will go up for sale if and when a WMG-BMG merger goes ahead. Word has it Freddy Bienstock – boss of rival publisher Carlin Music and the guy who ran Chappell before its acquisition by Warner – is interested in buying it.