HMV Poised For Bigger Loss

HMV appears set to announce first-half losses up nearly 50 percent as the multi-faceted British retailer’s new festival business has had a tough time and its music sales are being hurt by download websites.

The results due Dec. 9 were expected to show the company, with its new 360-degree approach to the music business, lost £24.9 million in the first six months of 2010. It lost £24.9 million in the first half of last year.

The figures have already prompted speculation that HMV, which has diversified from CD sales with the purchase of management company and venue owner Mama Group, may be subject to a bid from one of its shareholders.

The takeover stories appear to have come from the fact Russian oligarch Alexander Mamut, who’s said to have £900 million tucked away, recently increased his stake from 3 percent to 4 percent.