You can indeed still make money in the music business. It just helps if you’re running one of the world’s biggest music labels. Lyor Cohen, who runs the recorded music unit for Warner Music Group (WMG), pocketed $6.8 million yesterday by selling 800,000 shares at $8.45, according to an SEC filing. But Cohen hasn’t cashed out: He still owns another 2.6 million shares, worth about $21 million based on today’s closing price of $8.04.
Which means Lyor can continue to pay for drinks at the Bridge country club.
Update: Pali Research’s Rich Greenfield notes that Lyor has reportedly just closed on a $6.8 million Hamptons teardown.
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