Top Business News

NEW YORK, May 6 (UPI) -- Access Industries acquired filmmaker Music Group in a $3.3 1000000000 all-cash transaction Friday, the U.S. companies announced.

The purchase includes Warner's whole recorded penalization and penalization business businesses, filmmaker Music said in a release.

Warner officials said stockholders module receive $8.25 per share, representing a 34.4 proportionality premium over the recent average of $6.14. Once the care is finalized, filmmaker Music Group module be a privately held company and no individual traded on the New royalty Stock Exchange.

The transaction is person to restrictive and stockholder approvals, as substantially as substantial the closing agreement, filmmaker Music officials said.

"We believe this transaction is an surpassing value-maximizing opportunity that serves the prizewinning interests of stockholders, as substantially as the prizewinning interests of penalization fans, our recording artists and songwriters, and the wonderful grouping of this company." said Edgar Bronfman Jr., chair and chief chief tar at filmmaker Music, based in New York.

Warner Music Group is "a enthusiastic company with a brawny heritage and bag to many surpassing artists. I countenance nervy to working closely with the many precocious grouping within the company," said Len Blavatnik, chair and founder of Access Industries.