May 6, 2011 15:55

Warner Music Group bought for $3.3 billion by Access Industries

Firm buys struggling record label

Warner Music Group bought for $3.3 billion by Access Industries

Photo: Andy Willsher

Warner Music Group (WMG) has been bought today (May 6) by Access Industries for $3.3 billion (£2 billion).

The label announced this afternoon that the media umbrella firm, which is by owned Russian tycoon Len Blavatnik, has bought the company outright and delisted it from the New York Stock Exchange. Blavatnik is a former board member of WMG and already had shares in the company.

The final agreement of $3.3 billion (£2 billion) is $1.5 billion (£900 million) higher than had been widely speculated as the asking price for the company, which declared it was looking for a new owner in January.

Blavatnik said of the announcement: "I am excited to extend my longstanding involvement with Warner Music. It is a great company with a strong heritage and home to many exceptional artists. I look forward to working closely with the many talented people within the company."

Though it is widely speculated Blavatnik may try to pursue a merger with struggling EMI, he has made no comment on this so far.

Warner Music Group include imprints Atlantic Records, Reprise Records and EastWest Records as well as many others.Paramore, Foals, Muse and Linkin Park are some of the artists currently signed to the group.

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