Len Blavatnik’s Access Industries – parent company of Warner Music Group and significant investor in Deezer – is being fined over another of its investments: in social app Tango in 2014.
“Blavatnik, via his company Access Industries, purchased shares of TangoMe that brought the value of his stake in the company to approximately $228 million,” explained the Federal Trade Commission in its ruling against Blavatnik.
“Under the HSR Act, parties must notify the FTC and the Department of Justice of large transactions that affect commerce in the United States and otherwise meet the statutory filing requirements.”
Blavatnik eventually did report the transaction, but late – his second such offence following a similar issue in 2010 over an investment in chemical company LyondellBasell Industries.
Blavatnik’s fine is $656k for the Tango investment, which saw him accused of violating federal premerger reporting laws.