Warner Music Group Shareholders Approve Sale
The company says the acquisition by Len Blavatnik's Access Industries is expected to close later this quarter.
NEW YORK - Warner Music Group shareholders have approved the $3.3 billion sale to Len Blavatnik's Access Industries at a special meeting of stockholders on Wednesday.
Shareholders will receive $8.25 per share in cash at the closing of the transaction, which is expected later in the current third quarter.
The adoption of the sale was approved by holders of 145,819,757 shares of the company’s outstanding common stock, while the owners of 165,810 shares voted against it, the company said.
Shareholders also gave approval on an advisory, or non-binding, basis, of somewhat controversial “golden parachute” provisions, which allow CEO Edgar Bronfman Jr. and recorded music CEO Lyor Cohen to get big separation packages in case they leave the company. They are expected to stay at WMG.