NEW YORK, NY, Jul 20, 2011 (MARKETWIRE via COMTEX) --
Warner Music Group Corp. (NYSE: WMG) (the "Company") today
announced the completion of its acquisition by Airplanes Music, LLC,
and Airplanes Merger Sub, Inc., affiliates of Access Industries, Inc.
("Access"), for $8.25 per share in cash.
The transaction was approved by the Company's stockholders at a
special meeting of the stockholders held on July 6, 2011. The
Company's common stock will be delisted from the New York Stock
Exchange.
Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor
to the Company. The independent directors of the Company's Board of
Directors were advised by an independent legal advisor, Wachtell,
Lipton, Rosen & Katz. Goldman, Sachs & Co. and AGM Partners LLC acted
as financial advisors to the Company. Debevoise & Plimpton LLP acted
as legal advisor to Access.
About Warner Music Group Corp.
With its broad roster of new stars
and legendary artists, Warner Music Group is home to a collection of
some of the best-known record labels in the music industry including
Asylum, Atlantic, Cordless, East West, Elektra, Nonesuch, Reprise,
Rhino, Roadrunner, Rykodisc, Sire, Warner Bros. and Word. Warner
Music International, a leading company in national and international
repertoire, operates through numerous international affiliates and
licensees in more than 50 countries. Warner Music Group also includes
Warner/Chappell Music, one of the world's leading music publishers,
with a catalog of more than one million copyrights worldwide. For
more information on Warner Music Group, visit the Company's website
at www.wmg.com.
About Access Industries, Inc.
Access Industries, Inc. is a
privately-held, U.S.-based industrial group with long-term holdings
worldwide, whose industrial focus spans three key sectors: natural
resources and chemicals; telecommunications and media; and real
estate. Access' holdings in the digital media sector currently
include significant stakes in Perform Group (the online sports
broadcaster), Acision (the leading mobile broadband and value added
services provider), ICEnet (mobile broadband services provider in
Scandinavia), ViKi (the international video site, translating the
best of TV and movies into over 150 languages) and Mendeley Research
Networks (the social Web application for sharing research papers,
discovering research data and collaborating).
Forward-Looking Statements:
This communication includes
forward-looking statements that reflect the current views of the
Company about future events and financial performance. Words such as
"estimates," "expects," "anticipates," "projects," "plans,"
"intends," "believes," "forecasts" and variations of such words or
similar expressions that predict or indicate future events or trends,
or that do not relate to historical matters, identify forward-looking
statements. All forward-looking statements are made as of today, and
we disclaim any duty to update such statements. Our expectations,
beliefs and projections are expressed in good faith and we believe
there is a reasonable basis for them. However, we cannot assure you
that management's expectations, beliefs and projections will result
or be achieved. Investors should not rely on forward-looking
statements because they are subject to a variety of risks,
uncertainties, and other factors that could cause actual results to
differ materially from our expectations. Please refer to our Form
10-K, Form 10-Qs and our other filings with the U.S. Securities and
Exchange Commission concerning factors that could cause actual
results to differ materially from those described in our
forward-looking statements.
Contacts:
For the Company:
Media Contact:
Will Tanous
(212) 275-2244
Email: Will.Tanous@wmg.com
Investor Contact:
Jill Krutick
(212) 275-4790
Email: Jill.Krutick@wmg.com
For Access Industries:
Brunswick, New York:
Stan Neve and Ashley Zandy
+ 1 212-333-3810
Brunswick, London:
Andrew Garfield and James Olley
+ 44 207 404 5959
SOURCE: Warner Music Group
mailto:Will.Tanous@wmg.com
mailto:Jill.Krutick@wmg.com