Bronfman's WMG Buy Expected To Close Sunday

The sale of Warner Music Group (WMG) to an investment group led by former Seagram executive Edgar Bronfman Jr. is expected to close Sunday (Feb. 29), with funds for the $2.6 billion deal being wired t

The sale of Warner Music Group (WMG) to an investment group led by former Seagram executive Edgar Bronfman Jr. is expected to close Sunday (Feb. 29), with funds for the $2.6 billion deal being wired to Time Warner Monday morning.

Next week, the new owners -- which include Bronfman's Lexa Partners, Thomas H. Lee Partners, Bain Capital and Providence Equity Partners -- are expected to begin revealing their plans for the restructuring of the company.

One major move has already taken place, with former Island Def Jam chairman/CEO Lyor Cohen having been installed as WMG's chairman/CEO of U.S. Recorded Music.

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