WARNER MUSIC GROUP TO BE SOLD FOR 1.8 BILLION

 

Atlantic Records artist Bruno Mars

NME Magazine reports today that the Warner Music Group will be sold for £1.8 billion within a matter of days.

The group includes the imprints Atlantic Records, Reprise Records and EastWest Records as well as many others.

It will reportedly be bought by either the Gores brothers, who own a series of powerful media and communications companies, or by Russian tycoon Len Blavatnik.

According to The Independent both parties have submitted bids for the company and they are now being deliberated. Both bids are said to include plans of how to manage Warner Music Group ‘s debt, which is currently around £1.2 billion.

Warner Music Group was put up for sale in January after advice from accountants about its future.

I foresee a staff cull on the horizon.

Categories: Music News

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