Blavatnik’s Access Industries Bought Warner Music

Blavatnik’s Access Industries Bought Warner Music

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.

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