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Making Money

MAKING MONEY: Len Blavatnik’s winning $3.3 billion bid for Warner Music Group values the shares of the company at $8.25, a far cry from the $15 to $16.40 they sold for at the IPO six years ago. Joining Edgar Bronfman to buy the company from Time Warner in 2004 for $2.6 billion was a consortium led by THL Partners, Bain Capital and Providence Equity, besting a bid from EMI at the time. THL held the largest position at 51%, putting $525 million of its own money into the deal, with Bain Capitol at about 25%, while Bronfman and Providence split the rest. Investors are expecting a return of about two times their initial outlay from the Access deal, with THL alone expected to generate an internal rate of about 34%. Who’s a Fortune’s Fool now? (5/6p)

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