Russian-born Len Blavatnik's Access Industries is buying Warner Music Group Corp., the world's

third-largest recording company, for $1.3 billion.

That's according

to a person familiar with the deal.

The sale comes amid a global decline in CD sales that continues

to weigh down the industry.

The person says that besides the $1.1 billion purchase price,

which amounts to $8.25 per share, Access is also assuming about $2

billion of Warner's debt.

[Edited 5/6/11 6:54am]

Can someone please explain to me, why no one is the U.S. see's the value of owning a record company???

That is a good deal 4 the buyer..............

And to think that the Warner Music Group was THE only American-owned major record label.

Bulldog said:

Can someone please explain to me, why no one is the U.S. see's the value of owning a record company???

Quincy Jones isn't a rich white man, plain and simple.

TonyVanDam said:

lastdecember said:

TonyVanDam said:

Quincy Jones isn't a rich white man, plain and simple.

There is nothing to profit from But the catalogs that are attached to any label at this point that is really what keeps most a float.

Very true.

Just saw this in my email. Well....so many companies that were once American owned...are American owned no longer.

WMG is still American owned. The company that bought it, Access Industries, is US-based; its founder is of Russian descent, but became an American citizen decades ago.