Len Blavatnik's Access Industries

  1. Warner Music Inks Refinancing Deal with Lower Interest Payments, Balance Sheet Flexibility

    November 07, 2012 4:23 PM EST Warner Music Group has successfully completed a refinancing that will reduce its annual interest payments by about $43 million annually, Billboard estimates. As well as lowering interest payments, the world's third largest music company is al ...

  2. Warner Music Group Realigns Structure; Cameron Strang Gets Big Boost

    November 07, 2012 12:00 PM EST The Warner Music Group has implemented an organizational restructuring that was under discussion when Lyor Cohen still headed up the company's recorded music operation. Lyor Cohen and Warner Music Group: What Are the Next Moves? Insiders Weig ...

  3. Warner Music Group Posts Fiscal Fourth-Quarter Loss

    December 08, 2011 9:49 AM EST NEW YORK - Warner Music Group on Thursday reported a loss for its fiscal fourth quarter amid lower revenue as digital sales growth once again couldn't offset physical declines. WMG's loss roughly doubled from $46 million to $103 million. ...

  4. Updated: Edgar Bronfman Jr. to Step Down as Warner Music Group Chairman, No Successor Named

    December 05, 2011 3:38 PM EST Warner Music Group Chairman Edgar Bronfman Jr., who stepped down as CEO earlier this year, announced to the company's staff in a memo today that he's relinquishing the chairman role as well. "I wanted to let you know that, as my oth ...

  5. Warner Internal Memos: Bronfman, Blavatnik On Chairman Changes

    December 05, 2011 3:25 PM EST Warner Music Group Chairman Edgar Bronfman Jr., who stepped down as CEO earlier this year, announced to the company's staff in a memo today that he's relinquishing the chairman role as well. WMG, of course, was sold to Len Blavatnik' ...

  6. EMI: Access/Warner Pulls Out of Auction

    October 30, 2011 9:28 PM EDT In an apparent game of brinkmanship, Len Blavatnik's Access Industries has pulled out of the auction for EMI's recorded music operation, sources confirmed to Billboard.biz, even though the company was said to be the front-runner in the b ...

  7. Updated: As EMI Auction Hits Home Stretch, Who's in the Lead? Depends Who's Talking ...

    October 27, 2011 3:00 PM EDT UPDATE Friday 6 p.m. ET : While it was widely speculated that there would be news about the status of EMI's auction today (October 28), the week is closing with negotiations still ongoing, sources tell Billboard.biz. The biggest hold-up revol ...

  8. Amid Layoffs, Is Warner Bros. Records Abandoning Rock Music?

    September 09, 2011 8:56 PM EDT The goodbye email from Reprise senior vice president of promotion Mike Rittberg said it all. "Before my first job at a record store I had dreamed to work at Warner Bros. Records," he wrote on Sept. 8, the day he and more than a dozen oth ...

  9. Warner Music Group's Quarterly Loss Narrows, Revenues Increase 6%

    August 04, 2011 8:43 AM EDT NEW YORK - Warner Music Group on Thursday reported a narrowed loss for its latest quarter. The loss of $46 million for what is the company's fiscal third quarter, compared to a loss of $55 million in the year-ago period. A settlement with Lim ...

  10. Warner Music Group Shareholders Approve Sale

    July 06, 2011 10:43 AM EDT Warner Music Group shareholders approved the $3.3 billion sale to Len Blavatnik's Access Industries at a special meeting of stockholders on Wednesday. Shareholders will receive $8.25 per share in cash at the closing of the transaction, which ...

  11. Can Doug Morris Lead Sony Past Universal Music Group to Be the No. 1 Label?

    June 24, 2011 11:45 AM EDT As Doug Morris moves on from his 15-year tenure at the helm of No. 1 U.S. music company, Universal Music Group, to his new job as CEO of Sony Music Entertainment, will he be able to drive the No. 2 major into the top spot? The industry will know s ...

  12. EMI: Who's Lining up to Buy It?

    June 22, 2011 4:01 PM EDT While EMI announced earlier this week that it is exploring strategic alternatives that will see the company either sold, go public or be recapitalized, the betting is that the major will be put up on the auction block as the first option. Citigrou ...

  13. EMI Gears Up for 'Possible Sale' -- Read CEO Roger Faxon's Memo to Staff

    June 20, 2011 3:23 PM EDT EMI issued a statement on Monday saying that it has launched an effort to find a new owner, among other "strategic alternatives." The company's board "has initiated a process to explore and evaluate potential strategic alternat ...

  14. Warner Music Group Shareholder Sues Over Sale

    May 13, 2011 7:45 AM EDT Warner Music Group Corp. was sued by a shareholder who claims WMG's acquisition by Len Blavatnik's Access Industries last week undervalues the company, according to a Bloomberg report . The complaint, filed by Barbara A. Varipapa, said t ...

  15. What Can We Expect From a Blavatnik-Owned Warner Music Group?

    May 06, 2011 11:39 AM EDT Warner Music Group may have a new owner in the form of Len Blavatnik's Access Industries , but broadly speaking, insiders feel we can expect more of the same from the company. That's because his close relationship with WMG chairman and C ...

  16. Warner Music Bids in With Board, Announcement Expected Friday: Sources

    May 04, 2011 7:20 AM EDT Bids for a likely $3 billion buyout of Warner Music Group are in with the company's board for review over the next couple of days, according to two people familiar with the process. Three parties are known to have put in bids for the world� ...

  17. Warner Music Group Auction In Final Stretch; One New Bidder Since Last Week

    May 03, 2011 7:33 PM EDT As the Warner Music Group (WMG) auction comes into the final stretch, there appears to be three bidders still in the running -- but only two of them are the same as last week. Ron Burkle's Yucaipa Companies dropped out of the bidding, Bloombe ...

  18. Report on Warner Music Group's New Suitor Is Inaccurate, Source Says

    April 28, 2011 6:45 PM EDT The New York Times reported Thursday (April 28) that a new suitor for Warner Music Group, which is currently in its third round of bidding, has emerged, although a source told Billboard.biz late Thursday afternoon that the report is inaccurate. Th ...

  19. WMG Board Provides Eliminated Bidders With Company Data, Sources Say

    April 20, 2011 8:05 AM EDT The Warner Music Group (WMG) board of directors is not only willing to consider more bidders in the auction to sell the company, as reported yesterday by Billboard.biz, but has in fact left some of the supposedly eliminated bidders with access to ...

  20. Three Suitors Left In Running For Warner Music Group Auction, But Who Are They?

    April 13, 2011 6:56 PM EDT The Warner Music Group (WMG) is heading into a third round in the auction to sell the company, with three suitors still left in the running, sources tell Billboard. As first reported by the Wall Street Journal, the WMG board of directors has decid ...

  21. Warner Music Has At Least Five Serious Bidders, Source Says

    March 08, 2011 12:59 PM EST Warner Music Group is getting more bids than expected for the recorded music division and the entire company, a source told Billboard Tuesday morning. At the same time, Warner has also received bids for music publishing division Warner/Chappell, t ...