Sylvia Rhone Headed To Sony?
Former Motown Records President Sylvia Rhone may be headed to Sony Music Entertainment to relaunch the company's Portrait Records, according to Billboard.biz. Rhone, who resigned from her post at Motown in May, would share a staff with the recently named Chairman and CEO of Epic Records Antonio "L.A." Reid. (7/21)
Warner Music Group Acquisition Complete
Following a recent report, Access Industries has completed its $3.3 billion purchase of Warner Music Group's recorded music and publishing divisions. The company will assume approximately $2 billion in debt from WMG and $320 million in cash, and will pay shareholders $8.25 per share. Additionally, WMG has amended its bylaws and certificate of corporation in filings with the U.S. Securities and Exchange Commission, noting that all board directors have resigned, with the exception of Edgar Bronfman Jr. (7/21)
Apple Tops Nokia After Quarterly Loss
Nokia reported a second-quarter loss of $523 million, a wide deficit compared to a profit of $326 million during the year-ago quarter, and a 7 percent drop in revenue to $13.4 billion. Nokia shipped 88.5 million mobile devices during the quarter, down from 111 million in the year-ago quarter, and smart phone volumes fell to 16.7 million units. The performance marks the first time Nokia has been supplanted in the smart phone sector by Apple, which sold 20.34 million iPhones during its third quarter. (7/21)
Katy Perry Leads MTV VMA Nominees
Nominations for the 2011 MTV Video Music Awards were announced July 20 with GRAMMY-nominated artist Katy Perry leading the field with nine nominations, including Video of the Year and Best Female Video for "Firework," and Best Collaboration for "E.T." featuring Kanye West. GRAMMY winners Adele and West garnered seven nominations, including Best Pop Video for "Rolling In The Deep" and Best Hip-Hop Video for "All Of The Lights," respectively. Bruno Mars received four nominations, followed by 30 Seconds To Mars, Beyoncé, Eminem, Lady Gaga, and Nicki Minaj, who each received three nods. The 2011 MTV VMAs will air live from Nokia Theatre L.A. Live in Los Angeles on Aug. 28. (7/21)