Russian billionaire Len Blavatnik has sealed a £2 billion (approximately $3,270,741,000) contract with Warner Music, thus acquiring the group and becoming the most powerful person in the industry. Access Industries (Blavatnik’s group) will complete the purchase in September, buying the business from the company’s CEO and chief executive Edgar Bronfman Jr., and two equity firms.
The successful businessman, who is currently living in New York and London, is planning on making good profit from Warner. Some find his purchase quite risky, because the music company has been registering losses for eight quarter now, and the industry is facing the challenging period of digital consumption. Blavatnik however is very positive and expects great success.