Russian born businessman snaps up Warner Music

According to a post just showing up on The Register says that Warner Music has been bought for a price of $3.3 billion.

The man behind the surprise deal is U.S. businesses man Len Blavatnik who through his Access Industries also owns Top Up TV and saw him paying 34 percent over the market price for Warner Music.

t’s a minor surprise, given that rivals Universal and Sony were thought to have a head start in the auction for Warner. EMI had a short and unhappy period in the hands of an equity investor for years. Warner had tried hard to buy EMI before Terra Firma acquired it in 2007.

Having made his fortune in property and the former Russian nationalised industries, Blavatnik has faith that content companies are where future growth will be; he tried to buy MGM Studios last year.