There was little surprise when Edgar Bronfman Jr stepped down yesterday as Warner Music chairman after failing in his umpteenth bid to buy EMI. New investor Len Blavatnik is said to be ‘apoplectic’ about the defeat.
Now, faced with just two majors in Universal and Sony, little Warner looks a lot less viable. Immediate prospects are for the labels to be stripped of excess executives and artists. Next stage: sale or rent, room to let 50 cents.