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Tuesday, May 14, 2013

Bronfman Exits WMG Board

BUH-BYE BRONFMAN: It’s the end of a tumultuous ten years at Warner Music Group. Former Chairman/CEO Edgar Bronfman, Jr., who engineered the 2003 acquisition of the entertainment company from former owners Time Warner for $2.8 billion, has left its board of directors, it was revealed during this morning’s earnings call. Bronfman's role on the board as Chairman was to "focus on the company's strategy and growth opportunities," according to an August 2011 press release, at the time Stephen Cooper replaced him as CEO following its acquisition by Len Blavatnik’s Access Industries. Sources say Bronfman played an important role in the acquisition of Parlophone from EMI, a deal WMG is currently trying to refinance and is now in its regulatory approval phase. Bronfman remains General Partner at private investment firm Accretive LLC and serves on the board of directors of Accretive Health, Alphastaff, Endeavor Global and InterActiveCorp. (5/14p)

 
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