06 May '11, 6pm

Russian-born billionaire buys Warner Music

Russian-born billionaire buys Warner Music

NEW YORK: Russian-American billionaire Len Blavatnik's Access Industries won a bidding war on Friday for Warner Music Group, buying the storied music company for $3.3 billion in an all-cash transaction. The sale of Warner Music, whose artists range from current stars such as Eric Clapton and Kid Rock to legends such as Frank Sinatra and Ray Charles, comes at a challenging time for the music industry with digital piracy rampant and CD sales slumping. It also comes amid reports that EMI Group, a Warner Music rival which is owned by Citigroup, is on the block. Warner Music is being sold by chief executive Edgar Bronfman Jr. and the private-equity firms, Thomas H. Lee Partners and Bain Capital Partners, who bought the company from Time Warner in 2004 for $2.6 billion. Together they hold approximately 56 percent of Warner Music's outstanding shares. Access said the acquisition ...

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

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