Why is Warner Music Group so powerful?
- AJLv 78 years agoFavorite Answer
Warner Music Group (WMG) is the third largest business group and family of record labels in the recording industry, making it one of the big four record companies. For three decades the conglomerate was known as WEA, which stood for Warner Bros.-Elektra-Atlantic Records; three major record companies that signed and developed musical acts and, in turn, distributed product for subsidiaries and other record labels.
The current incarnation of the company as Warner Music Group was formed in 2004 when it was spun off and made completely separate from Time Warner; as a result Time Warner no longer retains any ownership whatsoever in the Warner Music Group, despite its name. WMG also has a music publishing arm called Warner/Chappell Music, which is one of the world's largest music-publishing companies.
In May 2011, the company announced its sale to Access Industries Inc. The purchase of the company was completed on July 20, 2011.