Warner Music Group Sold To Russian-American Billionaire

Major record label Warner Music Group (WMG) has been sold to a company headed by the Russian-American billionaire Len Blavatnik.

Access Industries has bought the company, home to the likes of Madonna, Muse and R.E.M, for $3.3billion.

Blavatnik’s company already held stake in WMG and under the terms of the deal will also acquire Atlantic and other imprints, including the prized Warner/Chappell music-publishing division.

"I look forward to working closely with the many talented people within the company," the he said.

There is speculation that Warner may now seek to takeover EMI, the world's fourth ranked major label currently under the control of Citigroup.