A Russian born Billionaire bought the famous Warner music, the thirds world’s largest music firm for $3.3 billion (£2bn) in cash.
Len Blavatnik is a Russian billionaire who owns an industrial group named Access Industries who’s holding range from oil and aluminium firms to the UK Top Up TV.
One of the famous artists under the Warner music is Bruno Mars, who recently having problems with the declining sales and profits.
In record, the Industrial firm Access already holds a small stake in the US firm.
According to Mr. Blavatnik he is already excited for extending his involvement in the firm.
Now that the entire music and publishing business of Warner Music Group have been sold, it will now become a private company, which means its share will be delisted from the New York Stock Exchange.
Edgar Bronfman, chairman of the Warner music said that Access Industries are supportive of the vision of the company, its strategy and artist. He expect that such support will bring a fresh entrepreneurial perspective and expertise in technology and media.
He also emphasize that what is important is that Access supports Warner Music’s commitment to its artist and song writers in which he said the foundation and future success of the firm.
As of now,there are rumors that Mr. Blavatnik is also planning to extend his company by adding EMI to his portfolio of businesses.
Aside from owning the Warner Music, Mr. Blavatnik US-based Access Industries also holds the UK arm of film and TV distributor Icon.
Mr. Blavatnik is said to have a fortune of $7.5 billion. He is also currently the director of the Russian oil firm TNK and the aluminium giant Rusal.
Last Friday Warner shares rose to 3.5% trading to close at $8.18 on Wall Street, just short of the $8.25 per share sale price.