Warner Music Group to cut CD prices

The Warner Music Group has announced plans to reduce the suggested retail prices of their music, following suit with a similar move by Universal last year. The label group plans to drop the suggested retail price on it's 1,776 back catalog titles (CDs in stores longer than 18 months) from $18.98 USD to either $13.98 or $9.98. The group's current titles, around 500, will now be priced between $13.98 and $11.98. The reduction reportedly goes into affect today. Unlike the earlier move by Universal, Warner's initiative does not affect co-op advertising discounts, a move that caused some resistance to the UMG's plan.