London-based tycoon seals £2bn Warner Music deal
Saturday 07 May 2011
The Ukrainian-born billionaire Len Blavatnik has agreed to buy Warner Music Group for $3.3bn (£2bn), making him one of the industry's most powerful men.
Mr Blavatnik's Access Industries group is purchasing the business from two private equity firms and the company's chairman and chief executive, Edgar Bronfman Jr.
Warner's current board expects the deal to be completed in September. The buyout has raised some questions about how the new owner, who lives in a £41m mansion in West London, hopes to make money from Warner, given that it has registered losses for eight quarters in a row in an industry struggling to deal with digital consumption of music.
However, Jorg Mohaupt, Access's head of media, said the company would adapt and become profitable again. He said: "The industry is at a point where digital adoption is rapidly gaining momentum. Warner Music, as one of the most progressive forces in the business, is well positioned to capture this opportunity."
- 1 Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
- 2 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 3 The Simpsons death: Creator Al Jean would 'kill himself' before character like Homer or Lisa
- 4 British man raped while urinating in bushes at Oktoberfest beer festival in Germany
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
British man raped while urinating in bushes at Oktoberfest beer festival in Germany
George Clooney and Amal Alamuddin wedding: The famous congratulate actor and human rights lawyer after Venice nuptials
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
'Women, walk wherever you want' posters taken down in Stamford Hill following 'unacceptable' signs separating men and women
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...
£300 - £330 per day: Ashdown Group: SQL Developer (Stored Procedures) Watford...