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| From | "John L. Micek" <jlmicek@mindspring.com> |
| Subject | Big, Bigger and Biggest ... |
| Date | Mon, 24 Nov 2003 16:15:34 -0500 |
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This just in:
LOS ANGELES -- A partnership led by former Universal Music chief Edgar Bronfman Jr. has agreed to buy Warner Music Group for $2.6 billion cash, creating one of the world's largest independent music companies.
The announcement Monday came just hours after London-based EMI Group PLC said it had withdrawn its offer to purchase Warner Music, a unit of the giant media conglomerate Time Warner Inc.
Under terms of the Bronfman group's deal, Time Warner would retain an option to buy back a minority stake in the company, which is home to such artists as Madonna, R.E.M and the Red Hot Chili Peppers.
___________________________
John L. Micek
State Government Reporter
The Morning Call
Harrisburg, Pa.
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