Warner Music to Be Acquired for $3.3 Billion by Acess Industries

Warner Music Group (WMG), the No. 2 music label in the country, will be acquired for $3.3 Billion in cash by Access Industries, a conglomerate controlled by Russian-born billionaire Len Blavatnik. The companies said Friday that the acquisition, for $8.25 a share, which ended a three-month auction process featuring a dozen bidders, will include the assumption of about $1.9 billion in debt. Following the closing of the deal, WMG will become a privately held company and its stock will no longer be traded on the NYSE.

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