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Access Industries

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Access Industries, Inc.
Company typePrivate
IndustryConglomerate
Founded1986; 38 years ago (1986)
FounderLen Blavatnik
Headquarters
New York City, United States
London, England
Key people
Len Blavatnik
Products
OwnerLen Blavatnik
Subsidiaries
Websitewww.accessindustries.com Edit this at Wikidata

Access Industries, Inc. is a United States–based[1] privately held multinational investment company which was founded in 1986 by businessman Leonard "Len" Blavatnik. Access Industries' focus is in seven sectors:[2] biotechnology, entertainment, external funds, global media, strategic equity, technology ventures, and real estate. The group invests in the United States, Europe,[3] Israel,[4] and Latin America.[3] It is headquartered in New York, with offices in London and Mill Valley, California.[5]

History

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The first logo used from 1986 to 2023

Len Blavatnik founded Access Industries in 1986 as an investment company.[6] He attended Harvard Business School while running the company on the side,[3] graduating with an MBA in 1989. Among its early investments, Access Industries helped form the large aluminum producer SUAL in 1996, which later became part of UC RUSAL. In 1997, Access acquired a 40% stake in the Russian oil company TNK.[7] Half of TNK was sold to BP to form TNK-BP in 2003,[3] in what was the largest-ever foreign investment in a Russian company.[8] In 2013, Rosneft acquired TNK-BP for $55 billion,[9] with Access Industries selling its stake and Blavatnik collecting US$7 billion for his share of the oil venture.[7]

Access Industries purchased a large stake in the fashion label Tory Burch in 2004.[10] In 2005, Access acquired Basell Polyolefins which, after Basell's acquisiton of Lyondell in 2007, became LyondellBasell Industries. The transaction was described by Forbes as "the greatest private equity deal of all time."[11] LyondellBasell Industries was the third largest chemical manufacturer in the US as of 2023.[12] In 2006, Access Industries took an estimated 70% stake in Top Up TV, a pay TV service in the United Kingdom[13] which sold its subscriber business to Sky in 2013.[14] In 2007, Access Industries purchased a majority stake in the sports media company Perform Group.[13] Also that year, Access became an owner in Acision, a software company focused on messaging systems.[15] Acision was acquired by Comverse in 2015.[16] As of 2010, Access retained ownership in companies such as Icon Film Distribution UK,[13] Perform Group, Top Up TV, Amedia, RGE Group, and Warner Music Group (WMG).[17] On July 20, 2011,[18] Access acquired Warner Music Group[10] for US$3.3 billion.[19] WMG listed on the Nasdaq in 2020.[20]

In May 2015, Access Industries launched Access Entertainment, a division headed up by former BBC Television boss Danny Cohen which specialises in investing in the entertainment media sector.[21] After investing in Facebook before its IPO, Access exited its Facebook holdings in late 2015.[22] Since 2016, Access has been the majority owner of online sport-streaming service DAZN,[23] and Deezer, the French music streaming service.[24] In 2018, Access, alongside a consortium of investors, acquired Calpine Corporation for $5.6 billion.[25] In 2018, Access bought the Theatre Royal Haymarket, the third oldest theatre in Britain.[26] In the second half of 2022, Access sold its stake in UC Rusal, thereby divesting of its last major asset in Russia.[27]

As of 2024, Access Industries continued to have stakes in companies including Warner Music Group, LyondellBasell, DAZN,[28] Calpine Corporation,[29] A24,[30] Deezer,[31] and Spotter.[30]

Holdings

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Natural resources and chemicals

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Among Access Industries' current holdings are businesses[5] in oil,[32] petrochemicals,[33] power generation,[34] aluminum[7] and biotechnology.[35] Access helped form the large aluminum producer SUAL 1996 with a combination of mergers and acquisitions.[7] In 2007, SUAL merged with RUSAL and the alumina business of Glencore International AG[36] to form UC RUSAL.[7] RUSAL raised $2.24 billion in a 2010 IPO on the Hong Kong Stock Exchange,[37] and in 2017 it was the world's largest aluminum producer.[7] Access Industries is no longer a shareholder in UC Rusal, having fully divested of its shares in the company in the second half of 2022. This represented the last of its major assets in Russia.[27]

In 2005 Access acquired Basell Polyolefins, a Dutch company[33] specializing in polyolefins.[9] On December 20, 2007, Basell acquired the commodity chemicals company Lyondell[33] for approximately $20 billion.[9][33] The resulting company, LyondellBasell Industries,[9] was impacted by the 2008 financial crisis,[9][38] and in 2009, the US operations of LyondellBasell Industries filed for bankruptcy.[38] With financing in part from Access Industries,[7][39] in 2010,[39] LyondellBasell emerged from Chapter 11 bankruptcy protection in a significantly improved financial position. With a value of $15 billion,[9] it was subsequently ranked as the world's third-largest chemical company based on net sales.[9][38] Access Industries repurchased a large stake in the company in 2013.[9] As of 2017, Access owned approximately 18% of LyondellBasell.[40]

Since 2013, Access Industries has owned Clal Industries Ltd. (CII), an Israeli industrial investment group.[4][35] Among CII's main investments are Nesher Israel Cement Enterprises, Hadera Paper, Golf & Co., Clal Biotechnology,[35] and the logistics group Taavura.[41] Also since 2013, Access has owned a significant interest in EP Energy, a North American oil and natural gas producer with a portfolio of fields in the United States and Brazil.[32] On August 18, 2017, Access Industries and a consortium of investors agreed to acquire the energy company Calpine Corporation for $5.6 billion.[34]

Media and telecommunications

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Access Industries previously held stakes in a number of companies in the media and telecommunications industries[5] including Ice (Norway),[42] RGE Group (Israel), Channel 10 (Israel),[4] Noga Communications and the Sports Channel (Israel).[43] Access previously owned a majority[44] stake in Amedia, a large Russian film and TV studio[45] known for shows such as Poor Nastya. Amedia gained exclusive rights to premiere HBO content in Russia in July 2017.[46] More recently, the company has invested in major media companies including Warner Music Group and DAZN.[30] In 2021, Reshet 13, an Israeli free-to-air television channel operated by Reshet Media, received investment from a group of investors that included Access Industries.[47]

Access invested in Warner Music Group (WMG) in 2004 with various co-investors.[48] After a partial sale of WMG was completed through an IPO on the NYSE in May 2005,[49] Access continued as a significant shareholder with a 2 percent stake prior to 2011.[citation needed] Access acquired WMG[10] for US$3.3 billion, including $320 million in cash and the assumption of $2 billion of WMG debt.[19]

Access Industries owns AI Film[10][17] in London, a film finance and executive production company established in 2013.[50] Since November 2014, Access Industries has owned a majority stake in DAZN Group Limited, a sports media company[51] which Access formed in 2007[52] by merging Inform and Premium TV.[53] Perform Group owns the sports website Sporting News[54] and launched the sports streaming video service DAZN in 2016.[23] As of 2019, Access held over 85% of the group.[54]

In May 2015, Access Entertainment was established with the hiring of its president, Danny Cohen, BBC's former director of television.[21] They took a 25% stake in the Bad Wolf international TV firm, and have a financing venture for drama programming with BBC Worldwide/Lookout Point and a development slate deal with House Productions.[55] In April 2017, Access Entertainment purchased James Packer's ownership share of RatPac Entertainment, which includes the joint venture, RatPac-Dune Entertainment.[56] In December 2021, Access Entertainment sold their stake in Bad Wolf to Sony Pictures Television.[57]

Access Industries has financed several A24 productions, including the 2023 film The Zone of Interest, which was executive-produced by Len Blavatnik and Danny Cohen of Access Industries.[58][59] The film won the awards for Best International Feature[60] and Best Sound at the 96th Academy Awards.[61]

Technology

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In 2015, Access Industries launched Access Technology Ventures, a venture and growth technology investment arm focused on pre-IPO "unicorns".[22] As of 2017, it had investments in companies including Snapchat, Square, Yelp, Alibaba, Rocket Internet,[22] Deezer,[62] Gett,[63] Spotify,[22][23] Zalando, and DigitalOcean. In August 2017, Access Technology Ventures led a $300 million round of funding for the smartphone maker Essential Products, investing $100 million in the company.[64] Access Industries formed First Access Entertainment in October 2015, which focuses on talent development and representation in music, entertainment, and fashion.[65] Access Industries invested $137 million into Opendoor.[66]

Real estate

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Access owns a portfolio of hotels and other commercial and residential properties in the United States, Europe, South America, and the Caribbean, including:[5][67]

Political activities

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Access Industries has made a variety of contributions to political candidates in local, state and national elections in the United States.[74][75] In 2015, the company donated $1.8 million to Super PACs supporting Republican presidential candidates Scott Walker and Lindsey Graham.[75]

References

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  1. ^ "Bloomberg Billionaires Index". Bloomberg.com. July 15, 2024. Retrieved July 15, 2024.
  2. ^ "How the 'Madonna' of Billionaires Is Playing His Fourth Act". Bloomberg.com. August 13, 2021. Retrieved July 15, 2024.
  3. ^ a b c d Yenikeyeff, Shamil (November 23, 2011), BP, Russian billionaires, and the Kremlin: a Power Triangle that never was (PDF), Oxford Energy Comment, retrieved December 15, 2017
  4. ^ a b c Negotiations Underway to Sell Control of Channel 10 to Jewish Billionaire Len Blavatnik, Haaretz, November 13, 2013, retrieved December 17, 2017
  5. ^ a b c d Company Overview of Access Industries, Inc, Bloomberg, retrieved December 16, 2017
  6. ^ "About Us". Access Industries. Retrieved March 27, 2023.
  7. ^ a b c d e f g Len Blavatnik, Bloomberg, retrieved December 15, 2017
  8. ^ "Battle for TNK-BP turns into all-out war", The Guardian, July 26, 2008, retrieved December 15, 2017
  9. ^ a b c d e f g h "How One Billionaire's Bet On LyondellBasell Turned Into The Greatest Deal In Wall St. History", Forbes, July 30, 2014, retrieved December 15, 2017
  10. ^ a b c d The rise of billionaire Len Blavatnik, one of Wall Street's greatest dealmakers, Business Insider, February 25, 2016, retrieved December 16, 2017
  11. ^ Vardi, Nathan (July 30, 2014). "How One Billionaire's Bet On LyondellBasell Turned Into The Greatest Deal In Wall St. History". Forbes.
  12. ^ Tullo, Alexander H. (May 7, 2023). "C&EN's top 50 US chemical producers for 2023". C&EN.
  13. ^ a b c "Property and industrial mogul Len Blavatnik puts his money in music", The Guardian, June 13, 2011, retrieved December 15, 2017
  14. ^ Top Up Tv, Top Up TV, June 2015, archived from the original on December 17, 2017, retrieved December 15, 2017
  15. ^ Acision's backers give mobile firm $100 mln more, Reuters, October 4, 2010, retrieved December 15, 2017
  16. ^ Comverse Signs Definitive Agreement to Acquire Acision; Combined Company to Extend Global Leadership in Next-Generation Digital Service Solutions, Xura, June 15, 2017, retrieved December 15, 2017
  17. ^ a b UPDATE: Weinstein Co Making Film Deal With Len Blavatnik/Stewart Till's Icon UK, Deadline Hollywood, October 11, 2010, retrieved December 16, 2017
  18. ^ "Access Industries Completes Acquisition of Warner Music Group", by Ed Christman Billboard, July 20, 2011
  19. ^ a b Smith, Ethan, "Deal Values Warner Music at $3.3 Billion", The Wall Street Journal, May 6, 2011, 12:39 P.M. EDT. Retrieved May 6, 2011.
  20. ^ Aswad, Jem (June 3, 2020). "Warner Music Valued at Nearly $15 Billion After IPO". Variety.
  21. ^ a b Szalai, Georg (May 12, 2016). "Former BBC TV Boss Danny Cohen Joins Len Blavatnik to Launch Access Entertainment". The Hollywood Reporter. Retrieved April 26, 2017.
  22. ^ a b c d Meet the $2.5 Billion Venture Firm You've Never Heard Of, Fortune, May 30, 2017, retrieved December 16, 2017
  23. ^ a b c Blavatnik's Perform Group rebuffs tech investors to build 'Netflix for sport', The Telegraph, August 20, 2016, retrieved December 15, 2017
  24. ^ Flanagan, Andrew (August 9, 2016). "Warner Music's Parent Company Now In Control of Deezer Following French Approval". Billboard.
  25. ^ "Calpine to be acquired by investor consortium". Torys. March 8, 2018.
  26. ^ Hershberg, Marc (August 9, 2018). "Billionaire Takes Over West End Theater In Record-Breaking Deal". Forbes.
  27. ^ a b Pendelton, Devon (May 19, 2023). "Billionaire Len Blavatnik Unloads Last Major Russia Asset With Rusal Sale". Bloomberg.
  28. ^ "Bloomberg Billionaires Index-Len Blavatnik". Bloomberg. November 6, 2024.
  29. ^ Chediak, Mark (August 18, 2017). "Energy Capital Investors to Buy Calpine for $5.6 Billion". Bloomberg.
  30. ^ a b c Thomas, Daniel (November 19, 2023). "Leonard Blavatnik's entertainment empire plans media acquisition spree". Financial Times.
  31. ^ Khalaf, Roula (January 20, 2016). "Deezer secures €100m from Access Industries and Orange". Financial Times.
  32. ^ a b Apollo's EP Energy files for IPO a year after buyout, Reuters, September 4, 2013, retrieved December 17, 2017
  33. ^ a b c d "Basell Closes Lyondell Chemical Deal", The New York Times, December 21, 2007, retrieved December 15, 2017
  34. ^ a b Calpine Agrees to be Acquired by Investor Consortium Led by Energy Capital Partners, Calpine, August 18, 2017, retrieved December 17, 2017
  35. ^ a b c Access Industries offers to buy rest of Clal Industries, Reuters, June 23, 2013, retrieved December 17, 2017
  36. ^ Bain, SK Hynix group ups bid for Toshiba chip unit to $22 billion: sources, Reuters, September 8, 2017, retrieved December 15, 2017
  37. ^ "Rusal is first Russian company to list on Hong Kong exchange", The Guardian, December 31, 2009, retrieved December 15, 2017
  38. ^ a b c "LyondellBasell May Seek Chapter 11 Bankruptcy Protection". The New York Times. Bloomberg. January 1, 2009. Archived from the original on February 24, 2015. Retrieved March 21, 2022.
  39. ^ a b Lyondell Chemical emerges from bankruptcy, Reuters, April 30, 2010, retrieved December 15, 2017
  40. ^ SEC report, LyondellBasell Industries N.V. (LYB), April 6, 2017, retrieved December 15, 2017
  41. ^ Blavatnik Offers to Buy Rest of Clal Industries, Jewish Business News, June 23, 2013, retrieved December 17, 2017
  42. ^ Fildes, Nic (November 26, 2018). "Len Blavatnik's Norwegian telecoms group Ice set to float". Financial Times. Retrieved November 17, 2021.
  43. ^ Blavatnik Increases Stake in RGE Media Group, Haaretz, April 30, 2010, retrieved December 17, 2017
  44. ^ Amedia, Access Industries, archived from the original on December 23, 2017, retrieved December 17, 2017
  45. ^ "Amedia, Russia's Largest Privately Owned TV Studio, Reportedly Seeks Buyer", The Hollywood Reporter, October 23, 2014, retrieved December 17, 2017
  46. ^ "HBO, Russia's Amedia Strike Exclusive Deal", The Hollywood Reporter, July 25, 2017, retrieved December 17, 2017
  47. ^ "Discovery to begin investing in Israel's Channel 13". Jerusalem Post. January 25, 2021.
  48. ^ Is new Warner Music buyer a sucker or savant?, San Diego Union-Tribune, May 6, 2011, retrieved December 15, 2017
  49. ^ Warner Music IPO, but who's buying?, CNN, March 11, 2005, retrieved December 15, 2017
  50. ^ "Who We Are". AI Film. Retrieved November 11, 2024.
  51. ^ Ted Menmuir (November 13, 2014). "Perform Group to de-list as Access Industries takes over". SBC News. Retrieved September 21, 2015.
  52. ^ Perform Group to de-list as Access Industries takes over, SBC News, November 13, 2014, retrieved December 17, 2017
  53. ^ Perform Group surges on offer from Access Industries, Financial Times, September 1, 2014, retrieved December 17, 2017
  54. ^ a b Perform, AccessIndustries, archived from the original on June 27, 2019, retrieved July 8, 2019
  55. ^ Barraclough, Leo (March 27, 2017). "Len Blavatnik, Danny Cohen's Access Entertainment Backs Bad Wolf (EXCLUSIVE)". Variety. Retrieved November 17, 2021.
  56. ^ Hipes, Patrick (April 18, 2017). "Len Blavatnik's Access Acquires RatPac Entertainment Stake". Deadline. Retrieved April 24, 2017.
  57. ^ Ramachandran, Naman (December 1, 2021). "Sony Confirms Acquisition of 'His Dark Materials' Producer Bad Wolf, Buys Out Sky/HBO Minority Stake". Variety. Retrieved March 27, 2022.
  58. ^ Balaga, Marta (March 17, 2023). "Access Entertainment Invests in Israeli Series 'Red Skies,' Co-Created by 'Euphoria's' Ron Leshem". Variety.
  59. ^ Scorziello, Sophia (October 17, 2023). "'The Zone of Interest' Trailer: A24 Unveils Brutal, Gut-Wrenching Holocaust Drama". Variety.
  60. ^ Lattanzio, Ryan (March 10, 2024). "'The Zone of Interest' Wins Best International Feature Oscar". IndieWire.
  61. ^ Smith, Jeremy (March 11, 2024). "The Actual Best Movie Sound Of 2024 Won The Oscar (Not The Loudest)". Slashfilm.
  62. ^ Warner Music's Parent Company Now In Control of Deezer Following French Approval, Billboard, September 8, 2016, retrieved December 17, 2017
  63. ^ VW invests $300M in Uber rival Gett in new ride-sharing partnership, TechCrunch, May 24, 2016, retrieved December 17, 2017
  64. ^ Access Technology Ventures Leads $300 Million Investment Round for Essential Products Inc., BusinessWire, August 9, 2017, retrieved December 17, 2017
  65. ^ Sarah Stennett Partners with Len Blavatnik's Access Industries To Launch Joint Venture "First Access Entertainment, WMG.com, October 28, 2015, retrieved December 17, 2017
  66. ^ "Here are the big winners from Opendoor's IPO". TheRealDeal. January 5, 2021.
  67. ^ a b Industries, Access Industries, archived from the original on March 31, 2018, retrieved December 16, 2017
  68. ^ "The Dream of Creating Another Buenos Aires" Archived March 11, 2012, at the Wayback Machine Faena Properties, December 13, 2003. Retrieved January 12, 2012.
  69. ^ "Grand-Hôtel Du Cap-Ferrat On Mediterranean Coastline To Become Four Seasons Property", Forbes, April 23, 2015, retrieved December 16, 2017
  70. ^ Len Blavatnik's Access Industries Buys One&Only Ocean Club Resort in Bahamas From Brookfield, Jewish Business News, June 10, 2014, retrieved December 16, 2017
  71. ^ The new Shahs of Sunset: Behind Jeff Klein's deal to bring in Len Blavatnik as partner on Sunset Tower Hotel, The Real Deal, May 24, 2017, retrieved December 16, 2017
  72. ^ Walter-Warner, Holden (January 9, 2024). "One High Line unit asking $49M snags contract". The Real Deal.
  73. ^ Kallergis, Katherine (May 12, 2020). "Developer of Aman-branded towers in Miami Beach scores $35M loan". The Real Deal.
  74. ^ Access Industries, OpenSecrets.org, retrieved December 16, 2017
  75. ^ a b "Million-Dollar Donors in the 2016 Presidential Race". The New York Times. August 25, 2015. Retrieved October 14, 2015.
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