.

Warner Music Group Shareholders Approve Merger

Major label has been officially acquired by Russian mogul Len Blavatnik

Comment
By 
July 7, 2011 7:40 AM ET
Len Blavatnik
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.

Photos: Random Notes

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.

To read the new issue of Rolling Stone online, plus the entire RS archive: Click Here

prev
Taylor Swift Cancels Shows Due to Bronchitis
Music Main Next
Kid Rock Planning New Album by Next Year

Picks From Around the Web


blog comments powered by Disqus
Daily Newsletter

Get the latest RS news in your inbox.

Sign up to receive the Rolling Stone newsletter and special offers from RS and its
marketing partners.

X

We may use your e-mail address to send you the newsletter and offers that may interest you, on behalf of Rolling Stone and its partners. For more information please read our Privacy Policy.

Most Popular

Photos & Videos

Go To Content

Random Notes: Hottest Rock Pictures

Go To Content Play Video

Video: Dave Grohl Sits in With the Rolling Stones

Go To Content

Gallery: 'Born Sinner' Series by J. Cole

Best Ever Lists
100 Greatest Guitarists

Other Lists

Song Stories

“Tonight's the Night”

The Shirelles | 1960

The lead cut and title track from this girl group's debut album, "Tonight's the Night" was written by 19-year-old bandmember Shirley Owens, who sings lead, and producer Luther Dixon. The band from Passaic, New Jersey met in high school, first calling themselves the Pequellos. The song's frank thoughts about sexual and emotional surrender was racy for the time, but that didn't stop the Chiffons from cutting a similar version immediately after the original came out. "We were the first female group to write some of our own material," band member Beverly Lee recalls. "We did have some say-so in our writing."

More Song Stories entries »