Warner Music Group Shareholders Approve Sale

Warner Music Group shareholders approved the $3.3 billion sale to Len Blavatnik’s Access Industries at a special meeting of stockholders on Wednesday.

Shareholders will receive $8.25 per share in cash at the closing of the transaction, which is expected later in the current third quarter.

The adoption of the sale was approved by holders of 145,819,757 shares of the company’s outstanding common stock, while the owners of 165,810 shares voted against it, the company said.

The approval on an advisory, or non-binding, basis, of “golden parachute” compensation for company executives was also approved.

Source: Billboard