WMG Auction Narrows To Two Bidders
Today’s (5/3) New York Post reports that Warner Music Group is likely to be sold to either the Gores brothers or Len Blavatnik’s Access Industries. Both are said to have bid about $3 billion for the company.
According to the Post, billionaire investment brothers Tom and Alec Gores are interested in acquiring Warner because a third brother, Sam Gores, is chairman of the Paradigm Talent Agency.
Blavatnik already owns 2 percent of Warner and has strong ties to Warner Music CEO Edgar Bronfman.
After the Warner buy-out ends, EMI is expected to hit the auction block. BMG Rights Management has reportedly exited the race for Warner in hopes of acquiring EMI. Read more.
Sarah Skates has been a writer and editor in the music business since 2004. She is a longtime contributor to MusicRow.
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