Warner Music Sells For Roughly $3.3 Billion
The Warner Music Group has agreed to sell itself to billionaire Len Blavatnik for about $3.3 billion.
An official statement will be made shortly, but the purchase by Blavatnik brings the months-long sales process of the music record company to a close.
The Russian-born billionaire will pay $8.25 a share for Warner Music under the terms of the deal. His company, Access Industries, will take also take on the label’s $2 billion in debt and other financial issues.
There has been speculation that Blavatnik will attempt to combine Warner Music and EMI’s labels, which could financially save both.
Warner Music first put itself up for sale in January, attracting multiple buyers and resulting in raised shares of 40 percent due to investors’ anticipation of a sale.
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