Warner Music, Clear Channel agree to revenue-sharing partnership

Clear Channel and Warner Music Group are joining in a strategic partnership, the first between a radio company and a major music label. The deal will give Warner a share of revenues from Clear Channel platforms and better promotional opportunities in broadcast and digital. "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," said Clear Channel CEO Bob Pittman.

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