Len Blavatnik Gets $6.6 Billion Richer After Contrarian Music Bet

(Bloomberg) — Len Blavatnik bought Warner Music Group Corp. for $3.3 billion in 2011, as the global music industry was grappling with plummeting record sales and a transition to digital listening dominated by piracy.He took the company public Wednesday with the stock pricing at $25. The shares surged 20% to close at $30.12, giving Warner Music a market value of $15.6 billion after its first day of trading.Entities controlled by Blavatnik, 62, sold about 77 million shares and Warner Music won’t receive any of the proceeds, according to a regulatory filing. He will retain almost all of the voting power. …read more

Source:: Yahoo Finance