Part of the Big 4 group, the ownership of Warner Music changed hands post a billion dollar deal. Confirmed reports state that the third largest recording group has now been brought over by the US industrial biggie, Access Industries for a cool $3.3 billion. The amount is also inclusive of the debt that signifies the troubled times of the industry.
The deal comes at a time when the music industry in general is witnessing a sharp slump in the sales of physical cds, as also sale of digital music has reached a blaring saturation point. Warner Music believes this move to end the period of sales jinx that has been hitting the industry as a whole for a while now. Len Blavatnik, the record company’s newest owner aims to fuse in new life into the sales of digital music.
According to an analyst at Standard & Poor, the deal spells as great achievement for the seller, however uncertainty loomed over the buyer’s future. It now remains to be seen as to which direction does Warner Music steer in, now.