One of the "Big 4" music labels, Warner Music Group, has sold for a reported $3.3 billion in cash to Access Industries. Len Blavatnik, owner of AI, beat out the likes of Sony Music Group, Live Nation Entertainment and Platinum Equity, amongst others for the highest bid. Blavatnik served as a Warner Board Member between 2004-2008 and knows aspects of the business operation and finances.
The company's stock closed at $7.90 per share, but terms of the deal calls for stockholders to receive $8.25 per share, a 34% premium from the average price of the past six weeks. Warner Music Group houses other labels like Elektra, Atlantic and Asylum Records and thousands of artists from every genre.