- Warner Music Group ( NASDAQ: WMG ) shares rose nearly 5% on Wednesday after The Wall Street Journal reported that it would name Robert Kyncl, the former business chief of Google's ( NASDAQ: GOOG ) ( NASDAQ: GOOGL ) YouTube unit, as its new CEO.
- The news outlet, citing a person familiar with the hiring, noted that Warner Music Group ( WMG ) is looking to go after an executive with tech industry experience as the music industry delves further into social media, gaming and the metaverse.
- Kyncl is slated to replace Steve Cooper, who has been Warner Music Group ( WMG ) Chief Executive Officer for 11 years. Cooper said previously he would step down in 2023.
- Late last month, Kyncl said he would leave YouTube after spending more than 12 years at the company as an executive.
- Investment firm Morgan Stanley recently said Warner Music Group ( WMG ) shares could close the gap with its competitors as streaming music looks "more resilient" than streaming video even with macroeconomic macro headwinds .
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Warner Music Group rises on report set to name ex YouTube business chief as new CEO