Russian oil tycoon Len Blavatnik has purchased Warner Music Group, the third largest record label in the industry. The Los Angeles Times has reported that the label has been purchased for $3.3 billion cash.
Blatvatnik served as a Warner board member between 2004 and 2008. Other bidders included Sony Music Group and Live Nation Entertainment. According to Forbes, Blavatnik will lead the label’s operations.
Warner Music Group is comprised of Atlantic Records, Warner Bros. Records, Rhino Entertainment, and a number of other labels, both independent and international. Top recording acts signed by the label include R.E.M., Muse, Green Day, and the Red Hot Chili Peppers.
Blavatnik and his company, Access Industries, is also rumored to be interested in purchasing EMI later this year. If this becomes the case, Warner Bros. and EMI would merge to form the world’s largest music company.