Warner Music sold for $1.3 bn
The world's No. 3 recording company, Warner Music, is being acquired by Access Industries, which agreed to pay $8.25 a share and take on $2 bil in debt as well as $320 mil in cash. The deal comes as CD sales continue to drop and digital sales have flattened. Warner Music Group, known for artists like Eric Clapton and the Red Hot Chili Peppers, is now seen making steep cuts, after trimming its workforce to 3,700 from 5,100 in 2003.
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