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Time Warner Closes Sale of Warner Music
Time Warner Inc.’s $2.6 billion sale of Warner Music Group to an investor group led by former Universal media conglomerate chief Edgar Bronfman Jr. was completed Monday, and the newly formed independent music company began an anticipated wave of cuts by ousting three high-ranking label executives, sources said. Atlantic Records co-chairman Val Azzoli and president Ron Shapiro stepped down, as did Elektra Records chief executive Sylvia Rhone, a source close to the company said on condition of anonymity. Rhone had been at Warner for at least a decade. Azzoli and Shapiro had also been with the company for several years.… Read more »