Go Finance Reporting in NEW YORK - bloody Russian-American billionaire Len Blavatnik, through his company Access Industries seized ownership Warnes Music Group. Blavatnik buy the music company with a value of $ 3, 3 billion.
Warner Music is the company who produced Eric Clapton and Kid Rock also Frank Sinatra and Ray Charles, buffeted by the financial storm because of the music industry was invaded by digital piracy that triggered his CD sales have fallen sharply.
The problem of piracy is also recognized EMI Group, a music company owned by Citigroup, which is a rival Warner Music.
Sold by Warner Music Chief Executive Edgar Bronfman Jr. and investment firms Thomas H. Lee Partners and Bain Capital Partners, which bought the company since 2004 with a value of USD2, 6 billion. They have 56 shares of stock in this company.
Acquisitions made by Access Industries covers all record labels Warner Music, including Asylum, Atlantic, Elektra and Warner Bros., and the division's most valuable music recordings Warner / Chappell. Access also said the debt was owned by Warner Music reach USD1, 9 billion.
"We are very pleased to Access to new players in this extraordinary business. They support the company vision, growth strategy, artistic and entrepreneurial bring a fresh perspective and expert in the field of technology and the media" said Bronfman, who still serves as chief executive of Warner Music as quoted from Asossiated Press, Sunday (05/08/2011).
Blavatnik that in March 2004 to January 2008 and has had two percent of the company described the Warner Music as a big company with a strong heritage and home to a remarkable artist. "I look forward to working with many talented people," said Blavatnik. (GoFinance)
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