Warner Music Group Stockholders Approve Sale

Acquisition by Access Industries is expected to be completed by the third quarter of 2011

Warner Music Group stockholders voted to go ahead with plans to sell the company to the Len Blavatnik's Access Industries, the company announced on Wednesday.

Warner will merge with Access affiliates Airplanes Music LLC and Airplanes Merger Sub, Inc., according to the announcement.

Under the terms of the agreement, stockholders will receive $8.25 per share upon the completion of the transaction, which is expected to occur in the third quarter of this year.

The merger passed easily, with 145,819.757 shares voting to approve and 165.810 voting against.

Stockholders also voted to approve, on a non-binding basis, "golden parachute" compensation packages for Warner Music execs who might find themselves out of a job as the result of the acquisition. (Blavatnik is pictured above.)