In a major coup, ex-Seagramís head Edgar Bronfman, Jr. and the rest of his investor group has purchased Warner Music Group and Warner/Chappell publishing for $2.6 billion dollars. The Bronfman group swept in and stole the headlines from EMI, who had made a competing bid of $2 billion for just the Warner Music Group. The company is not believed to undergo a name change and the deal is expected to go through within the next two months. The deal, which is not a merger as it would have been with EMI, has verbiage built in that lets Time Warner repurchase up to a 15% share in the company. The world of major label companies stays at four for the time being.
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