Access Industries, the multivalent business owned by billionaire and former oligarch Len Blavatnik, is the parent company to the Warner Music Group and now it has control of its own streaming service: Deezer.
L’Autorité de la concurrence, France's competition regulatory body, made its decision public this week after ruling on Access' move in early August. The document, was first sourced by "Music Business Worldwide".
Access already held a 26.9% fully diluted share in the company, and invested $100 million in funding it this past January. One source suggests little will change in the near-future operation of the company, given Access' already established relationship with Deezer. The company has had difficulties launching stateside, overshadowed by competition between Apple, Spotify and Tidal (and the looming shadow of Pandora's streaming service). Whether this new arrangement will fast-track its international footprint will no doubt become clear over the next year.
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