06 May '11, 3pm

Access buying Warner Music for US$3.3b

NEW YORK : Access Industries announced on Friday it is buying storied music label Warner Music Group (WMG) for $3.3 billion in an all-cash transaction. The purchase of WMG by Access, which is owned by Russian-American billionaire Len Blavatnik, includes WMG's entire recorded music and music publishing businesses, Access said in a statement. The purchase price of $8.25 per share is a 34.4 percent premium over WMG's average share price over the previous six months. "We believe this transaction is an exceptional value-maximizing opportunity that serves the best interests of stockholders as well as the best interests of music fans, our recording artists and songwriters, and the wonderful people of this company," WMG chairman and chief executive Edgar Bronfman said. Blavatnik, Access's chairman and founder, said "I am excited to extend my longstanding involvement with Warner Mu...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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