24 November 2003
Bronfman II: The return of the player
Edgar Bronfman Jr., who once transformed Canada's Seagram beverage operation into an entertainment giant by buying MCA/Universal, subsequently selling out to the French conglomerate Vivendi, is back in the business again, outbidding Britain's EMI to acquire Time Warner's Warner Music Group, the fourth largest music company.
Bronfman's group of investors will pay approximately $2.6 billion (US) for the Warner Bros., Atlantic, Elektra, and associated labels, plus Warner's music-publishing operation.
The Big Five will shrink to Four next year, when Sony Music and Bertlesmann Music Group merge to form Sony BMG.