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Warner Music has been sold to US businessman Len Blavatnik, according to credible reports, in a $3.3bn deal. The company's $1.9bn debt is also transferred to its new owner, valuing Warner at $1.3bn.
Russian tycoon buys Warner Music
Seeded on Sun May 8, 2011 10:32 PM EDT
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Blavatnik's Access Industries paid 34 per cent over the market price for the music group. The Russian-born tycoon, who also owns Top Up TV, is said to be looking to acquire EMI – which would give him the third and fourth largest major labels.
It's a minor surprise, given that rivals Universal and Sony were thought to have a head start in the auction for Warner. EMI had a short and unhappy period in the hands of an equity investor for years. Warner had tried hard to buy EMI before Terra Firma acquired it in 2007.
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