Guest hahathhat Posted May 7, 2011 Share Posted May 7, 2011 Yesterday, it was announced that Warner Music Group (NYSE: WMG) was sold in an all-cash transaction to Access Industries. The purchase will include the entire music catalog as well as Warner's music publishing business, Warner/Chappell Music Publsihing. The group is host to many record labels including Warner Brothers, Atlantic, Elektra, Asylum and others. Warner Music Group is home to many artists across all genres of music. WMG's Chairman and CEO, Edgar Bronfman, Jr., said, "We believe this transaction is an exceptional value-maximizing opportunity that serves the best interests of stockholders as well as the best interests of music fans, our recording artists and songwriters, and the wonderful people of this company. We are delighted that Access will be the new steward of this outstanding business. They are supportive of the company's vision, growth strategy and artists, while bringing a fresh entrepreneurial perspective and expertise in technology and media. Most importantly, Access supports Warner Music's commitment to our recording artists and songwriters who are the foundation of our current and future success." Russian-American industrialist Len Blavatnik, Chairman and founder of Access Industries, said, "I am excited to extend my longstanding involvement with Warner Music. It is a great company with a strong heritage and home to many exceptional artists. I look forward to working closely with the many talented people within the company." Blavatnik has been involved with WMG serving on the board of directores for 4 years. The announcement by WMG informs readers that "Following the closing of the transaction, WMG will become a privately held company and its stock will no longer be traded on the New York Stock Exchange. The company will retain the Warner Music Group name and will continue to operate out of its current facilities." This transaction comes at a serious time in the music industry as EMI is also reportedly up for sale. America has 4 major labels and this sale to Access Industries is significant. If EMI also sells, this will constitute over half of the major labels being taken over and under new direction. The music industry has been unable to cope with the digital age and has seen falling profits due to a variety of factors. Piracy has been the may reason cited by the industry however, others contest this and claim that poor product, lack of innovation and resistance to change are to blame. Blavatnik may bring new life through new management methods to the ailing music group and save it from further losses. http://www.cybergrass.com/modules.php?name=News&file=article&sid=8755 i've never heard of access. has anyone? i know warner does distribution for aphex... Link to comment Share on other sites More sharing options...
Capsaicin Posted May 7, 2011 Share Posted May 7, 2011 This seems like a good thing, but I'll have to read more before making a certain judgement Link to comment Share on other sites More sharing options...
tontonz1 Posted May 8, 2011 Share Posted May 8, 2011 this is pretty huge. hopefully this means less spewed out shit into mainstream media. (probably not) Link to comment Share on other sites More sharing options...
Candiru Posted May 8, 2011 Share Posted May 8, 2011 Hmmm. I do wonder if this will make a difference, if Access will do anything drastically different than the way things were done before. I don't know what this means. Jesus bought out Allah or something? I don't get it. Are we fucked? Link to comment Share on other sites More sharing options...
hexagon son Posted May 8, 2011 Share Posted May 8, 2011 <plays Dyers Eve by Metallica> Link to comment Share on other sites More sharing options...
YEK Posted May 8, 2011 Share Posted May 8, 2011 audio drugssssssssssss Link to comment Share on other sites More sharing options...
Guest Enter a new display name Posted May 8, 2011 Share Posted May 8, 2011 i know warner does distribution for aphex... Oh no, what's gonna happen to Richard's career?! Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.