Warner Music Nears Deal With Billionaire Blavatnik

Access Industries Inc., the conglomerate controlled by investor Len Blavatnik, was the leading bidder late Wednesday for Warner Music Group Corp., according to people familiar with the matter, putting the Russian-born billionaire close to a deal for the world’s third-largest recorded-music company.

The tentative deal, which would value Warner at around $3.3 billion including assumption of debt, wasn’t finalized, these people cautioned, and could be beaten by a higher last-minute bid.

Spokesmen for Warner Music and Access Industries declined to comment.

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