Sean Parker Contemplates Bid On Warner Music Group
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Tuesday, 29 March 2011 |
Written by James Conlon
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Sean Parker is said to be considering bidding for ownership of Warner Music Group (WMG). The record company was one of the key instigators in charging Parker for his role as co-founder of file-sharing company Napster in 2001.
WMG is in the middle of the process of being sold at auction, and both Sony and BMG have already expressed their interest in purchasing the ailing company. However Parker is now reportedly considering stepping into the purchasing ring after a string of successful investments.
The entrepreneur co-founded controversial file-sharing network Napster in 1999, but received criticism after making illegal file downloads more accessible to the masses with his initially-free program. The company was sued by various musicians and acts after their music appeared for free on the network.
Parker managed to turn things around, however, when he became a key investor in Facebook and earned a large stake in the hugely successful website. Parker’s role in the development of Facebook was portrayed by Justin Timberlake in the partially-fictionalised plot of ‘The Social Network’.
Parker, who currently works as an advisor to music streaming service Spotify, is currently planning an offer for WMG, according to All Things Digital. The website claims that Parker is currently working with investors Ron Burkle and Doug Teitelbaum to make a serious bid on the record company.
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