Thomas H. Lee, Investor And Founder Of Firm That Bought Warner Music Group And Clear Channel, Dies At 78

Lee (Photo: Lee Equity Partners)

THOMAS H. LEE, the billionaire leveraged-buyout financier who founded the eponymous investment firm that partnered to acquire WARNER MUSIC GROUP and CLEAR CHANNEL COMMUNICATIONS, died THURSDAY (2/23) of an apparent self-inflicted gunshot wound at his office in NEW YORK. He was 78.

LEE, a HARVARD graduate who worked for FIRST NATIONAL BANK OF BOSTON and L.F. ROTHSCHILD & COMPANY before striking out on his own, founded THOMAS H. LEE PARTNERS in 1974 and pioneered the practice of leveraged buyouts, acquiring and selling businesses like SNAPPLE and DUNKIN' BRANDS. The firm and partners led by EDGAR BRONFMAN JR. bought WARNER MUSIC GROUP in 2004 and sold it in 2011; LEE served on its Board of Directors from 2004 through 2021 and remained Director Emeritus at his passing. 

LEE left THOMAS H. LEE PARTNERS just before the firm joined with BAIN CAPITAL to buy CLEAR CHANNEL (now iHEARTMEDIA) in 2006 (the deal closed in 2008); the firm later invested in UNIVISION, selling it in 2020. After leaving his original company, LEE founded another investment company, LEE EQUITY PARTNERS.

WARNER MUSIC GROUP CEO ROBERT KYNCL said, “We are deeply saddened by the passing of our friend and colleague TOM LEE. TOM made valuable contributions to WMG’s trajectory for almost two decades. He was part of the original investor group that acquired WMG from TIME WARNER in 2004, and he served as a director of our company from 2004 until 2021, when he became Director Emeritus. TOM’s experience, wisdom, and enthusiastic support helped guide WMG through periods of major transformation, both within our company and in the music industry at large. Our condolences go out to his family and many friends.”

A statement from his former firm THOMAS H. LEE PARTNERS said, "We are profoundly saddened by the unexpected passing of our good friend and former partner, THOMAS H. LEE. TOM was an iconic figure in private equity. He helped pioneer an industry and mentored generations of young professionals who followed in his footsteps. More importantly, he was a generous and gracious individual who cared deeply about his friends, his family, and his community. Our thoughts and prayers are with his wife, ANN, and their family."

MICHAEL SITRICK, the publicist and LEE family friend serving as spokesperson for the LEE family, said, "The family is extremely saddened by TOM's death. While the world knew him as one of the pioneers in the private equity business and a successful businessman, we knew him as a devoted husband, father, grandfather, sibling, friend and philanthropist who always put others' needs before his own. Our hearts are broken. We ask that our privacy be respected and that we be allowed to grieve."

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