Warner Music Sold For $3.3 Billion
May 6, 2011, 13 years ago
According to Dmwmedia.com, major record label Warner Music Group announced on Friday that it has been acquired in a deal valued at $3.3 billion by Access Industries, a private equity firm headed by Russian-born billionaire Len Blavatnik. Blavatnik was already an equity investor in WMG, and previously served on the company's board.
The firm secured financing from Credit Suisse and UBS for the transaction.
The deal will make the label a private company, and its stock will no longer be traded on the New York Stock Exchange.
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