Time Warner Sells Music Unit for $2.6 Billion (Published 2003)
Time Warner confirms sale of its Warner Music division for about $2.6 billion to investor group led by Seagram heir Edgar Bronfman Jr and investment firm Thomas H Lee; sale is pivotal point in Time Warner's recovery from disappointing aftermath of its merger with American Online in 2001; with proceeds from sale, which is expected to close in two months, company will have whittled its nearly $30 billion in debt down by about $10 billion; sale fulfills pledge by Time Warner chairman and chief executive Richard D Parsons that he will to trim company's debt by $8 billion by end of 2004; EMI has been trying for years to merge with or acquire major record company; analysts question whether EMI is big enough to compete on its own; photos (L)