Warner Music Gets Third Subpoena From Spitzer
Warner Music Group has gotten another subpoena From New York Attorney General Eliot Spitzer.
The company said that the subpoena has to do with an industrywide investigation into financial activities between music companies and radio stations.
A Reuters article says:
“The company, which is planning a $750 million initial public offering, said in a regulatory filing that it received a subpoena on March 31 as part of the probe, which includes a look at the use of independent promoters and accounting for payments to them.
The investigation is examining the time-honored practice of music companies’ paying independent promoters hundreds of millions of dollars a year to help secure valuable radio air time for songs.”
Warner music had previously recieved two subpoenas over the same thing in September and October.
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