Warner got sold. Bye Bye Warner, say hello to russian pop music:
‘Warner Music Group Corp. (NYSE: WMG) and Access Industries, the U.S.-based industrial group, today announced the execution of a definitive merger agreement under which Access Industries will acquire WMG in an all-cash transaction valued at $3.3 billion. The purchase includes WMG’s entire recorded music and music publishing businesses.’
Hypebot wrote a portrait on Warners new owner.
‘The good news is that Blavatnik doesn’t want to overload Warner Music with debt – broadly, he’ll assume Warner Music’s $2bn debt load, and write a (chunky) equity cheque of about $1bn. Meanwhile, the spin on the discs, as ever, is that “we don’t need to buy EMI to make the numbers work”, but who on earth is going to believe that given how poorly Warner’s publishing business is performing (EMI’s is far larger) and how much money can be saved from folding EMI’s weak recorded operation into Warner.’
read the full text on the deal here: http://www.hypebot.com/hypebot/2011/05/full-text-of-wmg-sale-announcement.html
To get used to the things to come here’s some russian Pop for you: