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.