Warner Music Group reports loss of $17 million

Record label Warner Music Group Tuesday, reported a loss for the first quarter, compared to a profit in the corresponding quarter last year, despite a 3.5% growth in revenues. The prior-year quarter had a gain related to the sale of the company's investment in Front Line Management.

The New York-based company reported an attributable net loss of $17 million or $0.11 per share for the quarter, compared to attributable net income of $23 million or $0.15 per share last year. The prior-year quarter included a gain of $36 million, or $0.24 per share, related to the sale of the company's investment in Front Line Management.