More major label nonsense, and a Russian born billionaire called Len Blavatnik, whose company Access Industries owns two percent of common stock in Warner Music, has resigned from the major music firm's board.
Despite our best endeavours to find some controversy in all this, Blavatnik swears that he is stepping down from the Warner board because of his time consuming commitments to Access Industries, adding that "Access remains a significant WMG shareholder and, given the confidence I have in WMG's management, I look forward to the company's future success". Warner top man Edgar Bronfman Jr said this: "Len's expertise has been extremely valuable to WMG and we will miss his wise counsel".
Warner, of course, are under the most scrutiny in investment circles being the only major that trades directly on the stock exchange, and especially given that the major's share price has slumped since its flotation back in 2005. But Blavatnik has been keen to stress his resignation should not be seen as him being pissed off at the current valuation of his Warner stock holding.