Warner faces music, offers unit to Alfred
NEW YORK — Warner Music announced Thursday the sale of its sheet music and educational materials division to Los Angeles-based Alfred Publishing for an undisclosed sum.
Warner, led by Edgar Bronfman Jr., said it wants to focus more on signing artists and songwriters. It’s keeping its Warner/Chappell music publishing biz.
Warner Bros. Publications, the division being sold, prints and distributes sheet music, books, orchestrations and arrangements from headquarters in Miami and the U.K.
“This is the perfect marriage of education and pop,” said Roy Manus, co-owner of privately held Alfred Publishing, which sells music education products. Alfred Publishing will enter into a long-term exclusive license agreement with Warner/Chappell to print and distribute its musical compositions.
Bronfman and a group of financial investors acquired Warner Music from Time Warner earlier this year for $2.6 billion. The company has been revamping and slashing costs.