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 Australia to impose 24-hour curfew on all cats to protect endangered species
- 2 The difference between a psychopath and a sociopath
- 3 Black and ethnic minority people twice as likely to be hit by Tory cuts than white people, report finds
- 4 Walter Palmer: Cecil the lion killer revealed to be American dentist
- 5 What TripAdvisor users think of 16 of the world's most popular landmarks
Yvette Cooper: Our choice is years of Tory rule under Jeremy Corbyn – or a return to a Labour government
Labour leadership contender Jeremy Corbyn says 'we can learn a great deal from Karl Marx'
I am the Jeremy Corbyn supporter that many will tell you doesn't exist
Public anger after French sunbather beaten up by gang for wearing a bikini in Reims park
Labour leadership: New poll shows party is now even 'less electable' than under Ed Miliband
Labour leadership contest: I would never quit the party, says Liz Kendall
iJobs Money & Business
£45 - £55k DOE: Guru Careers: A Financial Controller is required to join a suc...
£12500 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£22500 - £24500 per annum: Recruitment Genius: Inbound and outbound calls with...
£18000 - £40000 per annum: Recruitment Genius: This fast growing Insurance Bro...