Good financials over at German media conglom Bertelsmann, whose net income is three times up on this time last year, with revenues up 12% to 12.28 billion euros. The notable exception to all that good financial news is its music division - BMG having suffered since its merger with Sony. The fact the music company, controlled by former Sony exec Andy Lack, is not performing so well while the parent company booms is sure to further convince Bertlesmann execs that Lack has to go when his current contract runs out. Though officially the German company still deny any friction in their music partnership with the Sony Corp, saying of their record company simply: "We expect a substantial pickup in the fourth quarter".
Nov 11, 2005
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1 min read
Bertelsmann booms while its record company struggles
Bertelsmann reports net income three times last year's level and revenues up 12%, while its music division BMG struggles since merging with Sony.