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Warner Music to pay artists after selling Spotify stake

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NEW YORK — Major music label Warner said Tuesday it would give back $126 million to artists after it sold its stake in streaming leader Spotify. The Warner Music Group said the share sale from Spotify, which successfully listed on the New York Stock Exchange earlier this year, earned the company $504 million, or $317 million after paying taxes. Announcing its latest earnings, Warner said it would share the spoils of Spotify with artists on its labels — whose most famous names include Coldplay, Ed Sheeran and Neil Young. Warner CEO Steve Cooper said that artists would find the Spotify proceeds on their latest royalty statements being distributed this month and in September, without details on how the sum would be divided. — AFP

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