A group of investors led by businessman Edgar Bronfman Jr has acquired WARNER MUSIC (turnover of 4.2 billion dollars in 2002), the musical division of American giant TIME WARNER, which seemed promised to EMI. Together, LEXA PARTNERS (Bronfman's company), THOMAS LEE PARTNERS, BAIN CAPITAL and PROVIDENCE EQUITY PARTNERS will pay 2.6 billion dollars cash. The agreement relates to musical recording activities (WARNER BROS., ATLANTIC, ELEKTRA, et al), and also its publishing (WARNER/CHAPPELL). TIME WARNER will have an option to buy back 15% of its subsidiary at a later date, or up to 19.9% if certain conditions are met.