Tags: Warner Music Group | Sale

Warner Music Being Sold for $1.3 Billion Amid Music Drop

Friday, 06 May 2011 10:39 AM

Len Blavatnik's Access Industries is buying Warner Music Group Corp., the world's third-largest recording company, for about $1.3 billion.

The companies said Friday that the purchase, for $8.25 a share, will include the assumption of about $1.9 billion in debt.

The deal comes amid a global decline in CD sales that continues to weigh down the industry.

U.S. recorded music sales are half what they were a little over a decade ago. Digital sales gains have started to flatten and CD sales continue to fall.

That means the 53-year-old Russian-born Blavatnik will have to cut further and hope that a new wave of innovation will carry digital music sales higher. The former board member was part of the group that bought the company in 2004 and still owns about 2 percent.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
Companies
Len Blavatnik's Access Industries is buying Warner Music Group Corp., the world's third-largest recording company, for about $1.3 billion.The companies said Friday that the purchase, for $8.25 a share, will include the assumption of about $1.9 billion in debt.The deal comes...
Warner Music Group,Sale
131
2011-39-06
Friday, 06 May 2011 10:39 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved