Warner Music sold!

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NEW YORK (NYSE announcement) - Warner Music Group home to artists including Madonna, R-E-M and the Red Hot Chili Peppers, has been sold to the Bronfman team. The group will pay 2.6 billion dollars U.S. in cash for Time Warner's recorded music operations and the Warner/Chappell music publishing business, creating one of the world's largest independent music companies.
The purchase includes the Warner Bros., Atlantic and Elektra labels, as well as the Warner/Chappell publishing company.

EMI was also vying to buy Warner music but announced yesterday that it had withdrawn it's one billion dollar bid.