NEW YORK (CelebrityAccess) — Billionaire financier Thomas H. Lee, a pioneer of the private equity and leveraged buyout worlds, and an investor in entertainment brands such as Warner Music Group and Clear Channel, has died. He was 78.
Lee was found deceased in his office on Thursday. The New York City’s Office of Chief Medical Examiner on Friday told CBS that his death was by suicide.
His passing was confirmed by Thomas H. Lee Partners LP, who 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.”
Lee is credited with helping to pioneer leveraged buyouts in the 1970s and went on to found Lee Equity Partners before stepping away from the company to launch Thomas H. Lee Partners in 2006.
The company completed a $17.9 billion purchase of Clear Channel Communications in 2009 and against the backdrop of the market turmoil created by the 2007 real estate market crash.
Lee may be best known for his acquisition of the Snapple beverage company, which he acquired for $135 million in 1992 and sold to Quaker Oats Co. in 1995 for a reported $1.7 billion.
Following Lee’s passing, 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.”
