"David's expert knowledge of the marketplace and impressive artist experience make him a terrific asset to UMG," commented Doug Morris, chairman & CEO of Universal Music Group. "I'm confident that he will continue to be a driving force as we bring our publishing division to even greater heights."

Since joining Universal (then MCA Music Publishing) in March, 1996, Renzer has spearheaded the integration of Polygram Music Publishing and Rondor Music into the Universal Music Publishing family, and has worked with his team to sign some of today's most important songwriters from around the world. Renzer and his team have also acquired over 70 major catalogs including Def Jam (LL Cool J, Public Enemy), Interscope (No Doubt, Tupac), All Nations Music ("She Works Hard for the Money," "You've Got The Magic Touch", "Birds and the Bees" and the catalogs of the Statler Bros. and Gatlin Bros.), Anxious Music (Annie Lennox, Texas), John Phillips (Mamas and Papas), Ronnie Van Zant (Lynyrd Skynyrd), Momentum Music (Gary Numan "Cars," Love and Rockets, So Alive), Matraca Berg ("Strawberry Wine"), Stephen Bray ("Get Into The Groove"), and such important international catalogs as Trema in France and Koch in Germany, among many others. Further, he has launched important genre specific divisions including Universal Christian Music Publishing and Universal Music Publishing Group Latin America. --Jane Cohen and Bob Grossweiner

Warner Music Group Reduces Loss To $136M

LOS ANGELES (AP) -- Warner Music Group reported a narrower loss Monday, crediting a restructuring effort that cut costs.

The privately held New York-based firm, home to artists like Madonna and Kid Rock, reported a $136 million net loss for the 10-month period ending Sept. 30, compared to a $239 million loss in the same period last year.

The company was reporting on a 10-month period because it has changed its 2004 fiscal year-end from Nov. 30 to Sept. 30. The period covers three months ending Feb. 29, when the recording company was still part of Time Warner, and the following seven months as an independent company.

Including a benefit from changes in currency exchange rates, total recorded music and publishing revenue was $2.54 billion during the period, up 2 percent over the $2.48 billion recorded for the same period last year. Without the benefit, total revenue was down 3 percent compared to the previous period.

CEO Edgar Bronfman Jr. said the company's restructuring plan was ahead of schedule.

"Now that the lion's share of the restructuring has been completed, we can turn our entire focus to building and developing the company's roster of recording artists and songwriters," Bronfman said in a statement.

Factoring in the exchange rates, the company's recorded music unit generated $2.06 billion in revenue worldwide, up 1 percent over the same period last year. Excluding the benefit would mean an estimated 4 percent decline in global recorded music revenue.

Among the company's recent top releases were albums by Josh Groban, Green Day and Jet. The previous year, the company's releases included albums by Madonna, Metallica and Linkin Park.

WMG's music publishing business saw revenue of $505 million during the period, up 8 percent over the previous year.

Excluding the impact of the exchange rates, the company's worldwide publishing revenue rose 1 percent, with the bulk of the gains in the United States, the company said.

WMG reported financial results earlier this year after it was acquired from Time Warner Inc. for $2.6 billion by an investor group including Bronfman, Thomas H. Lee Partners, Bain Capital and Providence Equity Partners. The deal closed March 1.

The company forecast the restructuring would generate at least $250 million of recurring annualized savings by the end of 2005. As of Sept. 30, the changes have resulted in an estimated $240 million in annualized cost savings.

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On the Net:

Warner Music Group: www.wmg.com