Breaking: major label is sold

Warner Music has been flogged off to the Russian-American investor, Len Blavatnik for $3.3 billion in what is being described as ‘a friendly deal’. Edgar Bronfman is expected to remain in charge.

It is supposed to clear the way for Warner to refinance sufficiently so that it can but EMI from its temporary owner, Citibank.

That deal, though, may be some way off. Here’s the FT and here the Guardian.  And here the BBC.

Go figure.

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