Access Industries, run by Russian born billionaire Len Blavatnik, has bought the world’s third largest music firm Warner Music Group, paid $3.3bn (£2bn) in cash.
The music industry has always loved the life story about Len Blavatnik: born in the Soviet Union, arrived in the US at the age of 21 without a penny, made a fortune in New York real estate before turning post-communist Russia into his industrial playground.
He is not the first Russian billionaire t in Western media businesses. Alexander Lebedev owns the Independent and London Evening Standard newspapers.
Mr Blavatnik has an estimated fortune of $7.5bn, he is a director of Russian oil firm TNK and aluminium giant Rusal.
Warner has been struggling with declining sales and profits. And now Warner Music Group will become a private company with its shares delisted from the New York Stock Exchange.
There are rumours that Mr Blavatnik also wants to add EMI to his portfolio of businesses.