Post by TheWallsScreamedPoetry on May 6, 2011 15:48:04 GMT
Actually they are here........wonder what impact this will have on The Doors?
6 May 2011
Warner Music bought by Blavatnik's Access Industries
Warner Music has been bought by an industrial group whose holdings range from oil and aluminium firms to the UK's Top Up TV.
Access Industries, run by Russian born billionaire Len Blavatnik, paid $3.3bn (£2bn) in cash for the world's third largest music firm.
Warner, whose artists include Bruno Mars, has been struggling with declining sales and profits.
Access Industries already owned a small stake in the US firm.
Mr Blavatnik said he was "excited" to be extending his involvement in the firm.
Warner Music Group, whose entire music and publishing businesses have been sold, will become a private company with its shares delisted from the New York Stock Exchange.
Warner Music Group chairman Edgar Bronfman said Access Industries was "supportive of the company's vision, growth strategy and artists, while bringing a fresh entrepreneurial perspective and expertise in technology and media".
"Most importantly, Access supports Warner Music's commitment to our recording artists and songwriters who are the foundation of our current and future success," he said.
In addition to its heavy industrial interests, US-based Access Industries also owns the UK arm of film and TV distributor Icon.
Mr Blavatnik, who has estimated worth of $7.5bn, is a director of Russian oil film TNK and aluminium giant Rusal.