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Blavatnik Is $7.5 Billion Richer After Contrarian Music Bet

  • Warner gets over 60% of recorded music revenue from digital
  • He began to build his fortune after collapse of Soviet Union
Len Blavatnik and Lizzo at the Warner Music Pre-Grammy Party on Feb. 7, 2019.
Len Blavatnik and Lizzo at the Warner Music Pre-Grammy Party on Feb. 7, 2019.Photographer: Stefanie Keenan/Getty Images for Warner Music
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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.