You can indeed still make money in the music business. It just helps if you're running one of the world's biggest music labels. Lyor Cohen, who runs the recorded music unit for Warner Music Group (WMG), pocketed $6.8 million yesterday by selling 800,000 shares at $8.45, according to an SEC filing. But Cohen hasn't cashed out: He still owns another 2.6 million shares, worth about $21 million based on today's closing price of $8.04.
Which means Lyor can continue to pay for drinks at the Bridge country club.
Update: Pali Research's Rich Greenfield notes that Lyor has reportedly just closed on a $6.8 million Hamptons teardown.
before the sale his position was worth roughly $28MM.
what'd he pay for it?
is warner a big win? or a small win? or a morass?
which means he will pocket roughly half the loot. not bad but not as big a haul as a sometimes gullible press reports (wink wink)
also, at the risk of devolving into tedious (but material) accounting technicality, even "outright grants" have a strike price. $X/share that lucky lyor has to pay to even exercise his options. the irs then taxes the remaining balance as ordinary income
WMG Acquisition Corp. also agreed to pay Mr. Cohen a starting bonus equal to the greater of $1,000,000 or 59% of the fair market value, as of March 1, 2004, of the shares of common stock of the Company granted to him at that time. The Company granted to Mr. Cohen 2,390,102 shares of its common stock. The restricted stock agreement provides that (1) one-third of the restricted shares generally vest in four equal installments on the day prior to each of the first through fourth anniversaries of the effective date of the restricted stock agreement (March 1, 2004), subject to Mr. Cohen’s continued employment on each such vesting date and (2) the remainder generally vests based on the occurrence of both a service condition (which is the same as the service condition described with respect to the service-based portion of the restricted shares) and a performance condition, which is met if, following an initial public offering or certain other events (including a change in control), a specified investment return is achieved by the investors (one-half of such shares requires one return level and the other one-half requires a different return level). All of the performance-based requirements have been achieved for all of these grants, therefore, only the service condition remains as a vesting requirement. In addition, all unvested restricted stock vests, subject to Mr. Cohen’s continued employment, on the day prior to the seventh anniversary of the effective date of the restricted stock agreement or upon termination of Mr. Cohen’s employment for specified reasons. Further, the service-based portion of the restricted shares and the service condition applicable to the performance-based portion will vest upon a change in control (as defined). The vested restricted stock may also be purchased by the Company (or its subsidiary) upon any termination of employment. Such stock is also subject to the stockholders agreement described under “Certain Relationships and Related Party Transactions.” 75% of the shares of restricted stock were vested as of September 30, 2007. The remainder will vest on March 1, 2008.
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