Time Warner sells recorded music business
Time Warner has confirmed that it has sold its recorded music and music publishing business for $2.6bn (€2.2bn).
The buyer is an investor group led by Thomas H Lee Partners, Edgar Bronfman, Jr.'s Lexa Partners, Bain Capital and Providence Equity Partners.
Time Warner will retain the right buy back a minority stake in the business.
Earlier today EMI pulled out of the race for Time Warner's recorded music division.
The music group said it had been unable to agree a deal with the US company that would be acceptable to both parties and in the interests of EMI's shareholders.
EMI is believed to have offered £1bn (€1.4bn).
