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WARNER MUSIC GROUP CORP.

(WMG)
  Report
Delayed Nasdaq  -  04:00:01 2023-02-06 pm EST
37.00 USD   -0.11%
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Warner Music : Patrick Moxey Announces New Label Group

03/24/2022 | 09:42am EST

Helix & Payday Records Agree Global Strategic Alliance with Warner Recorded Music

Patrick Moxey has announced details of his new label group and has signed a new, worldwide deal for two key record labels with Warner Recorded Music.

The agreement, which encompasses the acclaimed Payday Records and the newly created Helix Records, will see Warner Recorded Music handling global digital distribution via its independent services arm ADA Worldwide, and includes the option for the parties to co-sign new repertoire.

Helix Records, the group's new flagship electronic dance music label, which was officially launched this week at Miami Music Week, has already signed several high-profile new artists including renowned electronic duo Snakehips, British-Australian band AR/CO, legendary house dj/producer Marshall Jefferson, and tech house maven DJ Susan.

Helix and Payday Records have offices in LA, New York, and London with an experienced, 36-strong team covering marketing and promotions in Canada, Sweden, Germany, France, and Australia. This includes a dedicated synch team in each of those offices.

Snakehips said of signing to Helix Records, "We're really excited to be working with Patrick Moxey and the team at Helix. This year we'll be launching our upcoming project, on an electronic/hip-hop and R&B type of vibe. It's great to be part of a strong indie label set-up again and we're hyped to get this music out there."

Legendary Hip-hop and R&B label Payday Records, which is celebrating its 30th anniversary this year, is one of the world's longest running independent hip-hop and R&B labels and helped to launch the careers of some of the biggest and most influential names in hip-hop, including Jay-Z, Yasiin Bey f.k.a Mos Def (via his first group U.T.D.), Showbiz & AG, and Jeru the Damaja. Founded by Patrick Moxey in 1992, the label has also released records by DJ Premier, 2 Chainz, A$AP Ferg, and others.

Both Helix and Payday will both work closely with Warner Recorded Music and ADA moving forward to maximize audience reach and commercial opportunities. This new alliance also allows Helix, Payday, and non-U.S. Warner Music territories to reciprocally license music to each other and opens the door to creative collaborations between Helix and artists on the Warner Music roster. This follows the recent announcement that the group's music publishing division Ultra Music Publishing has agreed an alliance with Warner Music Group's Warner Chappell Music.

Patrick Moxey said, "This new alliance with Warner Music heralds an exciting new phase for our recording activities. With a brand new label Helix Records, which will be a multi-territory independent home for the world's best new electronic dance music from day one, alongside Payday Records, which is celebrating three decades as the leading independent hip-hop label, we are in great shape to move forward with our next adventures! This new alliance with the team at Warner will ensure our labels and the artists we represent get the best global distribution and opportunities available and we are also looking forward to pooling our strengths and collaborating on signings, remixes, and more."

Max Lousada, CEO, Warner Recorded Music, said "At Warner, we provide an environment where creative originals, maverick thinkers, and independent spirits can thrive and break new ground. Patrick and his team have built some of dance music's most influential brands. They've discovered diverse, distinctive talents, and taken a bold, entrepreneurial approach to developing their careers. We're very happy he's chosen to partner with us to begin Payday's next chapter as well as create a dynamic new identity with Helix."

Cat Kreidich, President, ADA Worldwide, said "I've known Patrick for years and I'm looking forward to bringing together his amazing roster of artists and his brilliant team with our global expertise, tools, and services. We're excited to both amplify the iconic Payday label and help spearhead the launch of his new venture. This is exactly the kind of relationship that makes ADA tick, one that unlocks a whole new world of possibilities, and gives artists the power to pioneer the future of music."

Disclaimer

Warner Music Group Corporation published this content on 24 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 March 2022 14:41:09 UTC.


ę Publicnow 2022
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Financials (USD)
Sales 2023 6 086 M - -
Net income 2023 495 M - -
Net Debt 2023 3 018 M - -
P/E ratio 2023 37,8x
Yield 2023 1,74%
Capitalization 19 090 M 19 090 M -
EV / Sales 2023 3,63x
EV / Sales 2024 3,30x
Nbr of Employees 6 200
Free-Float 22,2%
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 37,00 $
Average target price 36,60 $
Spread / Average Target -1,08%
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Managers and Directors
Robert Kyncl Chief Executive Officer
Stephen F. Cooper President & Director
Eric Joshua Levin Chief Financial Officer & Executive Vice President
Michael M. Lynton Chairman
Trent Tappe Secretary, Chief Compliance Officer & SVP
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