Owner of Access Industries and Russian billionaire, Len Blavatnik bought the company Warner Music Group for $3.3 billion. Warner Music Group owns major labels which include, Asylum, Warner Brothers, Elektra, and Atlantic. These labels collectively include acts from, T.I., Gucci Mane, Wiz Khalifa, Rick Ross (Maybach Music Group), Red Hot Chilli Peppers, Linkin Park, Green Day, and so many more.
The acquisition means that Access Industries will take full control over Warner Music catalog as well as their publishing.
“I am excited to extend my long standing involvement with Warner Music. It is a great company with a strong heritage and home to many exceptional artists. I look forward to working closely with the many talented people within the company,” Blavatnik said.
This is a major shift in the industry, as Warner Music Group has been a force in the music business for decades. Hopefully, this will not have any ill effect on any of our favorite artists. It’s reported that Blavatnik now has his sights on the mega label EMI for his next conquest. That would give him control over catalogs such as the Beatles, Pink Floyd, and Radiohead.