Warner Music is a step closer to becoming a division of Access Industries, the privately held chemical, natural resource, and real estate company controlled by Russian-born industrialist Len Blavatnik. Shareholders in the music company this morning overwhelmingly approved Blavatnik’s $3.3 billion takeover offer. The deal, which pays investors $8.25 a share, is expected to close in the third quarter. Investors also approved, on an advisory basis, the controversial “golden parachute” package that guarantees about $16.9 million in equity to CEO Edgar Bronfman Jr and $10 million to Lyor Cohen, the CEO of recorded music. Although they’re expected to stay at the company, they can cash in even if they leave.


Bronfman and Cohen are probably off to the Allen retreat to compete for the prizes awarded to CEO’s for succeeding and failing upward. They are certainly in the competition.
Isn’t “golden parachutes” a little kinky for a business deal? Oh wait. Golden PARACHUTES. That’s different. Never mind.
Sad to say the record business is toast, Lady Gaga went broke because the record sales are not there in the $$$$ maybe in numbers but not in $$$$ , she spent 100MM to get herself out there and made 105MM, what a shame,
movies and tv that is it,
:O
Hopefully this train-wreck will be short-lived… So sad to see the once-great Warner labels trashed and gutted by these people.