WSJ says Blavatnik's in lead

FROM RUSSIA, WITH CASH: In his latest update on the WMG derby, Wall Street Journal scoop specialist Ethan Smith puts Len Blavatnik’s Access Industries comfortably in front of fellow financial bidder the Gores brothers. The deal would value Warner at around $3.3 billion including assumption of debt. Warner's board has been considering offers since Monday, and is likely to decide which to accept by the end of the week, people familiar with the matter told the reporter. It was unclear how receptive the board was to the offers from strategic buyers, some of them reportedly joint bids, given their complexity and the potential regulatory hurdles they could raise. Beyond Smith’s report, it remains to be seen whether Blavatnik and his friend Edgar Bronfman are in bed together, figuratively speaking. (5/5a)