• The soundtrack to "Mama Mia" sold 130,000 units last week and rose to the #1 spot on the album chart. Unit sales were down 10.9% versus the same week last year. (Billboard.biz)

• Warner Music Group's stock closed down over 9% yesterday after word broke that Lyor Cohen has sold over 20% of his shares. Wrote frequent critic, Richard Greenfield of Pali Research, of the company's executive compensation, "Senior management continues to carry on as if the music industry was in its heyday." (Forbes)

• EMI has hired Steven Melrose as its VP, A&R Labels. (Variety)

• Handleman posted a $65 million loss in the quarter ending May 3. Included in that figure are $30 million goodwill impairment charge and a $20.5 million loss from discontinued operations. (Billboard.biz)

• Some British music magazines are struggling in 2008 (people still read print music magazines?). Metal Hammer readership rose 6% through the first six months of the year while Q, Kerrang! and NME had double-digit drops in readership. (Music Week)

• Live Nation has secured a long-term contract to operate the Bayfront Park Amphitheater in Miami. A number of renovations will be made and the venue will re-open in June 2009. (South Florida Business Journal)