Battle of CEOs Over Warner Music Deal
Posted Apr 24, 2007 11:52 AM CST
By Debra Cassens Weiss
The former CEO of Simon & Schuster has sued Edgar Bronfman Jr. saying the businessman backed out of an oral deal to pay him for help negotiating the $2.6 billion purchase of Warner Music Group, the Los Angeles Times Reports.
Richard Snyder seeks $100 million in the suit filed yesterday in New York.
Wall Street Journal’s Law Blog posted the complaint, which it dubs “tabloid-ready.” The document characterizes Bronfman as a man who “desperately sought redemption” after the “collapse of his family’s fortune” and Snyder “as a tough manager and smart dealmaker” who acted as consigliere for the deal.
“But Bronfman Jr., fearful of admitting to anyone-–even himself-– that he was incapable of attaining this level of success on his own, could not, and to this day cannot, bring himself to acknowledge Snyder’s pivotal role in their joint achievement,” the complaint says.
Bronfman’s lawyer calls the claims “absolute fiction.”