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Old 2004-03-04, 01:36
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Warner Music Sale Completed ----- OT


Warner Music Sale Completed

Mar 3, 2004, 10:41

The investor group led by Thomas H. Lee Partners, Edgar Bronfman, Jr.'s Music Capital Partners, Bain Capital and Providence Equity Partners announced on March 1 its completed purchase of the Warner Music Group (WMG), including the company's recorded music operations and Warner/Chappell music publishing business.

The $2.6 billion cash transaction creates the world's largest privately held independent music company, according to the investor group.

Bronfman, the new chairman and CEO of Warner Music Group, also announced an approximate 20 percent reduction in the company's global workforce, much of which is anticipated to take place within the first month.

Among the executives leaving the company are Sylvia Rhone, chairman and CEO of Elektra Entertainment Group; Val Azzoli, co-chairman and co-CEO of the Atlantic Group; and Ron Shapiro, co-president of Atlantic Records.

The legal and business affairs, finance and label sales units of the Elektra Entertainment Group and The Atlantic Group labels have been consolidated. Lyor Cohen, the recently-appointed chairman and CEO of U.S. Recorded Music at WMG, will serve as interim chairman of both labels until a final management structure is announced in the near future.

Under the terms of the agreement, Time Warner retains the option to buy up to 15 percent of the company at any time during the three years following the closing, and as much as 19.9 percent of the company under certain circumstances.
 

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