Lynton will remain Snap’s chairman
Michael Lynton, Snap Inc.’s current chairman and former chief executive of Sony Entertainment, is joining the board of Warner Music Group as its non-executive chairman, the company announced on Tuesday.
Lynton will remain as Snap chairman after joining WMG’s board, a person with knowledge of the situation told TheWrap.
“Michael’s global expertise will make him a tremendous asset as we explore new business opportunities and pioneer a new definition of what a music company can achieve. I’m looking forward to working with him and the entire Board to continue the company’s evolution,” WMG chief Steve Cooper said in a statement.
Lynton is now one of 11 members of WMG’s board, including Cooper, English economist Noreena Hertz and Axel Springer chief Mathias Doepfner.
The longtime media executive, prior to joining Snap in 2017, was named chief executive of Sony Entertainment in 2012, putting him in charge of both Sony Music Entertainment and Sony/ATV Music Publishing. Lynton started at Disney in 1987, where he eventually served as the president of Hollywood Pictures from 1992 to 1996. He’s also served as CEO of AOL Europe, president of AOL International, and president of Time Warner International.
“I’m honored to be joining the WMG Board at this transformational time in the music and entertainment world,” Lynton said in a statement. “WMG has a reputation as an agile, independent-minded, and artist-friendly company, and it will be a pleasure to work with Len, Steve and the rest of my new colleagues on the Board.”
WMG reported in December it earned $4 billion in annual revenue during 2018, marking a 12 percent year-over-year increase. Digital sales increased more than 20 percent last year and have now tripled physical sales for the company. WMG narrowed its losses last quarter, posting a Q4 net loss of $13 million, compared to $38 million for the same period the year before.