Reports emerged over night that Access Industries led by investor Len Blavatnik is close to buying the Warner Music Group for more than $3 billion dollars.
The Warner Music Group board has been meeting this week to consider bids from groups that include Tom and Alec Gore's Platinum Equity/The Gores Group, Sony/ATV Music Publishing, and Ronald O. Perelman's MacAndrews & Forbes.
The Wall Street Journal reports that Mr. Blavatnik valued WMG at $3.3 billion dollars. Both Bloomberg News and the New York Times reported the music consortium's board will meet today to decide on the winning bid.
Mr. Blavatnik is an industrialist who has previously served on Warner Music's board.