Warner Music Group Gets Bought For $1.3 Billi
Len Blavatnik's Access Industries is ready to get into the music business, as they plan to purchase the third-largest recording company Warner Music Group Corp. for an estimated $1.3 billion.
The companies said Friday that the purchase, for $8.25 a share, will include the assumption of about $1.9 billion in debt.
The deal comes in the midst of, with no suprise, a global decline in CD sales that continues to weigh down the industry.
U.S. recorded music sales are half what they were a little over a decade ago. Digital sales gains have started to flatten and CD sales continue to fall.
This gives Blavatnik the task of cutting further and putting hope in a new wave of innovation to carry digital music sales higher. Big business move, but will you risk your free downloads to help the drastically declining music industry we all know & love?
Props → Yahoo