More bad news to aid the executive tensions at SonyBMG, where former BMG execs are said to have it in for the label's top man, former Sony Music exec Andy Lack. The major label has posted losses of $60 million for the financial quarter up to the end of September, up from an $18 million loss the previous quarter, and a $25 million loss in the same quarter last year. The poor performance at SonyBMG added to the financial woes of one of its parent companies - Sony Corp. While they reported a 28.5 billion yen ($246 million) net profit for the last quarter, that is down 46% from the 53.2 billion yen made in the same quarter last year. Maintaining the theme of doom and gloom, on announcing the latest figures Sony Corp reiterated that it expected to post a loss of 10 billion yen ($86 million) for the current financial year.
Oct 31, 2005
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1 min read
SonyBMG posts losses of $60 million for third quarter
SonyBMG posted a $60 million loss for the quarter to September, while parent Sony Corp’s net profit fell 46% year on year.