Andre Yoskowitz
14 Mar 2011 12:39
According to the WSJ, billionaire Sean Parker is getting a group together to purchase Warner Music Group, one of the "Big 4" labels.
Parker is best-known for creating Napster, the original music sharing client which started the secular decline in the music industry. He was also the former president of Facebook and still a large shareholder.
Warner put itself up for sale last year and is expecting a minimum $2.5 billion bid.
Investors Ron Burkle and Doug Teitelbaum will be the real buyers, with Parker not putting in any of his vast wealth, says the source.
The latest group is one of five bidders expected to throw formal bids at Warner in the coming weeks.