milven
05-07-2011, 09:38 AM
By RYAN NAKASHIMA
The Associated Press
Warner Music Group Corp., the world's third-largest recording company with such artists as Eric Clapton, Michael Buble and Paramore, is being sold for about $1.3 billion as a global decline in CD sales weighs down the industry.
Len Blavatnik's Access Industries is paying $8.25 a share and will take about $1.9 billion in Warner debt.
The deal, announced by the companies Friday, comes as U.S. recorded music sales are half what they were a little over a decade ago. Gains in digital sales have started to flatten, and CD sales continue to fall.
Full story here http://www.msnbc.msn.com/id/42930601/ns/business-us_business
The Associated Press
Warner Music Group Corp., the world's third-largest recording company with such artists as Eric Clapton, Michael Buble and Paramore, is being sold for about $1.3 billion as a global decline in CD sales weighs down the industry.
Len Blavatnik's Access Industries is paying $8.25 a share and will take about $1.9 billion in Warner debt.
The deal, announced by the companies Friday, comes as U.S. recorded music sales are half what they were a little over a decade ago. Gains in digital sales have started to flatten, and CD sales continue to fall.
Full story here http://www.msnbc.msn.com/id/42930601/ns/business-us_business