WMG stock to be delisted after $3.3 billion purchase

It’s a wrap: Warner Music Group announced Wednesday that Len Blavatnik’s Access Industries had completed its acquisition of the music company.

The $3.3 billion purchase, approved by stockholders July 6 (Daily Variety, July 7), represented a price of $8.25 per share.

WMG’s stock will now be delisted from the New York stock exchange. Firm was the only publicly-traded U.S.-owned music major.

Industry watchers will now turn to WMG’s much-discussed designs on No. 4 major EMI Music, which is being shopped by Citigroup.

While a splicing of the two firms has long been in the wind, a Monday story in the New York Post suggested that WMG’s high debt level could scuttle any merger of the companies.

Want Entertainment News First? Sign up for Variety Alerts and Newsletters!
Post A Comment 0