Warner Music Group sold for $3.3 billion to Access Industries’ Len Blavatnik

Warner Music Group's Artists Linkin Park Access Industries, a holding company founded by oil baron Len Blavatnik, won the auction to buy Warner Music Group Corp. for $3.3 billion in cash, the companies announced Friday morning. Blavatnik edged out more than a dozen other suitors including Sony Music Group, supermarket magnate Ron Burkle, Platinum Equity, Live Nation Entertainment and investment firm Kohlberg Kravis & Roberts, whose unsolicited offer late last year kicked off the auction process. KKR's partner in the bidding was German music company Bertelsmann. The deal calls for Warner to receive $8.25 per share, a 34% premium over the company's average stock price over the last six weeks, the company said. It's also 75% higher than Warner's closing price on Jan. 20, the day before the New York Times published news of the bidding. Warner's share closed at $7.90 on Thursday....