Warner Music Shareholders Approve $3.3B Takeover, And Golden Parachutes

Warner Music is a step closer to becoming a division of Access Industries, the privately held chemical, natural resource, and real estate company controlled by Russian-born industrialist Len Blavatnik. Shareholders in the music company this morning overwhelmingly approved Blavatnik's $3.3 billion takeover offer. The deal, which pays investors $8.25 a share, is expected to close in the third quarter. Investors also approved, on an advisory basis, the controversial "golden parachute" package that guarantees about $16.9 million in equity to CEO Edgar Bronfman Jr and $10 million to Lyor Cohen, the CEO of recorded music. Although they're expected to stay at the company, they can cash in even if they leave.