– Written by GoodFellaz TV Staff
In another shake-up in the music industry, the 3rd largest Record Corporation in the U.S. Warner Music Group has been brought by Len Blavatnik of Access Industries. The Russian-born billionaire purchased the Warner Music Group for $ 3.3 billion, an acquisition which includes both the music recording and publishing divisions of the popular Record Company. Warner Music is home to a diverse catalog of artists including T.I., Kid Rock, Led Zeppelin, Green Day, Gucci Mane and Wiz Khalifa, among many others.
Word on the street is that Mr. Blavatnik, who has been a longtime associate of current Warner Music CEO Edgar Bronfman Jr., is expected to keep most of the Warner Music Group management structure in place. Furthermore, it is rumored that he is attempting to purchase the EMI Music Group as well, currently the 4th largest record corporation, and combine it with Warner Music. If Mr. Blavatnik is successful in the attempted Warner-EMI merger, he will gain control of a extensive catalog of music, including even the Beatles, and will pose serious competition to the other 2 major record label conglomerates: Universal Music Group and Sony/RCA Music Group.