NEW YORK (CelebrityAccess MediaWire) — Access Industries has completed its acquisition of Warner Music Group in a cash deal worth $3.3bn, or $8.25 a share.
The transaction was approved by the Company's stockholders at a special meeting of the stockholders held on July 6, 2011. Warner's common stock will be delisted from the New York Stock Exchange.
Access Industries is a private investor group with a focus on long-term industrial holdings in three different sectors; natural resources and chemicals; telecommunications and media; and real estate. Their media holdings include online sports broadcaster Perform Group, several ISPs, international video website ViKi and the research-oriented academic social web service Mendeley Research Networks
Since completing the buyout, Access has announced that Stephen Cooper, a director of several other Access companies, will step up to become Warner's Chairman while Access Industries owner Len Blavatnik will serve as Vice Chair. Other Access execs including Lincoln Benet, Donald Wagner, Jorg Mohaupt and Alex Blavatnik will also be seated on WMG's board.
Former Warners execs Edgar Bronfman Jr. and Lyor Cohen will remain board members. Bronfman will continue as CEO and Cohen as CEO of US recorded music. – CelebrityAccess Staff Writers