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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Son says bin Laden sea burial demeans family: report 2:08pm EDT PIMCO raises bet against U.S. government debt 09 May 2011 Analysis: Investors slam Microsoft's Skype deal 2:24pm EDT Microsoft snubs banks for $8.5 billion Skype takeover 12:09pm EDT Appeals court questions Obama healthcare lawsuit 4:15pm EDT Discussed 167 Concerns raised over shooting of unarmed bin Laden, burial 144 Obama at U.S. base to pay tribute to bin Laden mission 119 Boehner demands trillion-dollar cuts in debt deal Watched New video game takes aim at Bin Laden 2:08am EDT US releases video of bin Laden from compound Sat, May 7 2011 Blasts rock Tripoli 5:16am EDT Warner Music beats estimates on digital sales Tweet Share this NEW YORK (Reuters) - Warner Music Group, which is being bought by billionaire Len Blavatnik's Access Industries, reported a narrower-than-expected quarterly loss, helped by a 9 percent jump in digital revenue. The growth in digital revenue primarily... Email Print Related News Activision Blizzard's profit rises on digital sales Mon, May 9 2011 Blavatnik's Access wins Warner Music for $3.3 billion Fri, May 6 2011 UPDATE 3-EA's quarterly profit, revenue rises Wed, May 4 2011 Time Warner ad sales surge, but profit pressured Wed, May 4 2011 AOL display advertising improves, shares jump Wed, May 4 2011 Analysis & Opinion The business of digital journalism RenRen and the new tech IPO mania Related Topics Technology » Music » Media » Stocks The headquarters of Warner Music Group is pictured in Burbank, California August 5, 2008. Credit: Reuters/Fred Prouser NEW YORK | Tue May 10, 2011 4:36pm EDT NEW YORK (Reuters) - Warner Music Group, which is being bought by billionaire Len Blavatnik's Access Industries, reported a narrower-than-expected quarterly loss, helped by a 9 percent jump in digital revenue. The growth in digital revenue primarily reflected strength in digital downloads and streaming, but mobile revenue continued to decline, the company said in a statement. Its fiscal second-quarter net loss was 25 cents a share, while analysts had on average expected a loss of 28 cents, according to Thomson Reuters I/B/E/S. Revenue rose 2.4 percent to $682 million ahead of average forecasts of $598.4 million. Digital revenue grew to $220 million. Top music sellers in the quarter included artists Bruno Mars, R.E.M and Wiz Khalifa. Music publishing revenue at its Warner/Chappell unit rose 2.2 percent to $137 million, mostly driven by U.S. sales. Last week, Blavatnik bid $3.3 billion, or $8.25 a share, for the world's third-largest music company, adding another media company to his empire that already has Russia's Admedia and Britain's Top Up TV -- a digital TV station -- as well as natural resources businesses. According to regulatory filings, the merger agreement has a $56 million break-up fee in place to be paid by the music company if it pulls out of the Blavatnik deal. The clause makes it likely any other bidder would need to pay close to $9.00 a share to pay a premium over the break-up fee. Warner Music's management, led by Chief Executive Edgar Bronfman, hope that by taking the business private it can take bigger strategic gambles to cope with ongoing declines in the music industry. The music business is still struggling with a decade-long transition from physical formats like the CD to digital distribution through services like Apple Inc's iTunes. The merger deal is set to close in the third quarter and it is widely expected that Bronfman and Blavatnik, who is a long-time associate, will turn their attention to rival music company EMI Group as a possible buyout target. It is thought that combining Warner Music with EMI could generate hundreds of millions of dollars in cost savings. EMI is currently owned by Citigroup, which took control of the music company earlier this year when its private equity owner Terra Firma defaulted on loans. New York-based Warner Music's shares added about 2 cents to $8.21 in morning New York Stock Exchange trading. (Reporting by Yinka Adegoke and Sayantani Ghosh in Bangalore; Editing by Maureen Bavdek) Technology Music Media Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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