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.