Company likely to be sold in the next few days
Warner Music Group is to be sold for £1.8 billion in the next few days, according to reports this morning (May 3).
The group includes the imprints Atlantic Records, Reprise Records and EastWest Records as well as many others. It will reportedly be bought by either the Gores brothers, who own a series of powerful media and communications companies, or by Russian tycoon Len Blavatnik.
Blavatnik owns media umbrella firm Access Industries. He already owns shares in the company and sat on its board until 2008.
According to The Independent both parties have submitted bids for the company and they are now being deliberated. Both bids are said to include plans of how to manage Warner Music Group ‘s debt, which is currently around £1.2 billion.
Warner Music Group was put up for sale in January after advice from accountants about its future.
The report also suggests that the successful bidder will attempt to merge the company with struggling EMI, which is now in the hands of investment bank Citigroup.