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.
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.