Billionaire investor Len Blavatnik will pay $3.3 billion to acquire Warner Music Group, which is currently owned by a private investment group controlled by Warner chief Edgar Bronfman. While $3 billion may seem like a high price to pay for a money-losing company with $2 billion in debt, Blavatnik faced competition from over a dozen other bidders, including Sony, Live Nation and Bertelsmann. [More]
