July 7, 2011 7:40 AM ET
Len Blavatnik
Dave M. Benett/VF1/WireImage
Warner Music Group shareholders approved the sale of the company to Russian mogul Len Blavatnik and his holding company Access Industries for $3.3 billion. In a statement, Warner Music said that the company expects the merger with Access to be complete by the third quarter of 2011.
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News of this acquisition has not been met with great enthusiasm by some Warner Music shareholders. A few of them filed a class-action lawsuit against the company in May claiming that chairman and CEO Edgar Bronfman Jr. and its board of directors breached their fiduciary duty by accepting Blavatnik's offer over a higher bid from billionaire brothers Tom and Alec Gores. This suit has not yet been resolved.
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