Warner Music Shareholders Approve $3.3B Takeover, And Golden Parachutes

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.

This article was printed from https://deadline.com/2011/07/warner-music-shareholders-approve-3-3b-takeover-and-golden-parachutes-145338/