Linkin Park Demands Share Float Cash from Warner

Music

Linkin Park has demanded a $60m payment and a 50:50 split of future profits as part of a new deal with Warner

May 4, 2005

AceShowbiz -

Linkin Park dispute with its record company Warner Music still continuing. The rock band said in a statement "The new owners of Warner Music Group will be reaping a windfall of $1.4bn [£740m] from their $2.6bn purchase a mere 18 months ago if their planned initial public offering moves forward. It means Linkin Park, their biggest act, will get nothing."

Further the band claimed that only $7m of the $750m proceeds of the IPO had been earmarked for corporate purposes. The investment team led by Edgar Bronfman Jr., even worse, has since cut $250m in costs, reducing the workforce by 20% and its roster of artists by about 30%. Thus, those points are all obviously to Linkin Park disadvantage.

Editors' Pick

And so, the band's management, the Firm, is seeking a $60m payment and a 50:50 split of future profits as part of a new deal with Warner.

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