Sunday, May 8, 2011

Warner Music Group sold for $3.3 billion

Warner Music Group sold for $3.3 billionWarner Music Group has announced today that it has sold itself to the investment firm Access Industries for $3.3 billion, including assumption of debt.

Access will pay $8.25 per share, a 4 percent premium over the company's closing price yesterday but about 40 percent higher than the company's average share price of the last year.

Says Edgar Bronfman Jr., Warner Music�s chairman and chief executive (via NYT):

We are delighted that Access will be the new steward of this outstanding business. They are supportive of the company�s vision, growth strategy and artists, while bringing a fresh entrepreneurial perspective and expertise in technology and media.

Following the close of the WMG deal, many analysts expect Access to go after EMI, another Big 4 label that has been shopped by its debtors for years now.

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