Warner Acquired By Access Industries

Warner Acquired By Access Industries

Warner Acquired By Access Industries
Warner Music Group
's Board of Directors has approved the purchase of WMG's recorded music and publishing divisions by Access Industries in an all-cash transaction valued at $3.3 billion. Following the closing of the transaction, which is subject to approval by WMG stockholders and regulatory approvals, WMG will become a privately held company. The company will retain its Warner Music Group name and will continue to operate out of its current facilities. The transaction is expected to be completed later this year. (5/6)

Live Nation Cuts First-Quarter Loss
Live Nation
reported a first-quarter net loss of $48.5 million, down 52 percent from $122 million loss during the year-ago quarter. The company reported a 17 percent increase in revenue to $849 million for the three months ending March 31. Concert ticket sales were up 12.8 percent in volume during the three-month period, and revenue from ticket sales was up 10.1 percent to $449.3 million. (5/6)

Gaga Notches Most Successful Debut Headlining Tour
Lady Gaga
's Monster Ball tour becomes the biggest tour ever by a debut headlining artist with gross revenue of $227.4 million and attendance of more than 2.5 million across 200 concerts, according to figures reported by Billboard Boxscore. Lady Gaga launched her Monster Ball tour in November 2009. (5/6)

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