Clear Channel Media & Entertainment and Warner Music Group Corp. unveiled a new strategic partnership, in which Warner Music will be able to promote its artists using Clear Channel's platforms, including its 850 radio stations, and share in Clear Channel's revenue.

The deal will help Warner Music, the world's third-largest record company by market share, give its artists added exposure using a handful of Clear Channel assets, including its roughly 20,000 nationwide events, digital properties, iHeartRadio theaters and outdoor assets. The agreement will include visibility in live and televised events and unique digital services.

"The team at WMG understands that old formulas don't work as well as they must in the digital age, and that we have to think differently to build a robust future for the music industry," Clear Channel Chief Executive Bob Pittman said. "Today, music companies and media and entertainment companies need to be more supportive of each other's needs. This agreement begins that new era, and will help both companies thrive in the digital world."

Warner Music, owned by Access Industries Inc., like its peers in the industry, has strived to capitalize on the popularity of digital music as the age of physical recordings wanes. It lags in market share behind Vivendi SA's (VIV.FR, VIVEF) Universal Music Group and Sony Corp.'s (SNE, 6758.TO) Sony Music Entertainment.

Write to Ben Fox Rubin at ben.rubin@wsj.com

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