Len Blavatnik's Access Industries Emerges As The Leading Bidder For Warner Music Group
Deal Reportedly At $3.3 Billion
May 5, 2011 at 3:58 AM (PT)
WARNER MUSIC GROUP former director LEN BLAVATNIK has emerged as the top bidder for WARNER MUSIC GROUP, say several reports. The RUSSIAN-born BLAVATNIK's ACCESS INDUSTRIES owns 2.2% of WMG, and BLAVATNIK is a close friend of WARNER CEO EDGAR BRONFMAN JR. THE NEW YORK POST reports the deal to be valued at $3.3 billion.
Rival bidders still have time to revise their offers, reports BLOOMBERG, and a "sale to BLAVATNIK is not certain, said two people. The board meets again today, they said."
YESTERDAY (NET NEWS 5/4), a new name emerged in the bidding for WARNER MUSIC GROUP, with SONY/ATV MUSIC PUBLISHING LLC, co-owned by SONY CORP. and MICHAEL JACKSON's estate, joining the list of potential buyers. TOM GORES' PLATINUM EQUITY and ALEC GORES' GORES GROUP was the third bidder in the mix.
BLOOMBERG also notes that, "A sale to BLAVATNIK would position WARNER MUSIC to make a bid for EMI GROUP LTD., the LONDON-based music company that lender CITIGROUP INC. seized from its owner, GUY HANDS. By combining the two companies, a new owner would be able to cut costs."