6 May 2011 Last updated at 11:09 ET 
Warner, whose artists include Bruno Mars, has been struggling with declining sales and profits.
Access Industries already owned a small stake in the US firm.
Chairman Edgar Bronfman said Access Industries was "supportive of the company's vision, growth strategy and artists, while bringing a fresh entrepreneurial perspective and expertise in technology and media".
"Most importantly, Access supports Warner Music's commitment to our recording artists and songwriters who are the foundation of our current and future success," he said.
There are rumours that Mr Blavatnik also wants to add EMI to his portfolio of businesses.
In addition to its heavy industrial interests, his US-based Access Industries also owns the UK arm of film and TV distributor Icon.
Mr Blavatnik, who has an estimated fortune of $7.5bn, is a director of Russian oil firm TNK and aluminium giant Rusal.
Warner Music bought by Blavatnik's Access Industries
Bruno Mars is among the artists signed to Warner's record labels
Warner Music has been bought by an industrial group whose holdings range from oil and aluminium firms to the UK's Top Up TV.
Access Industries, run by Russian born billionaire Len Blavatnik, paid $3.3bn (£2bn) in cash for the world's third largest music firm. Warner, whose artists include Bruno Mars, has been struggling with declining sales and profits.
Access Industries already owned a small stake in the US firm.
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He is, of course, not the first Russian billionaire to buy into Western media businesses. That honour goes to Alexander Lebedev, who owns the Independent and London Evening Standard newspapers. But Mr Blavatnik's ambitions could soon dwarf those of his compatriot if, as rumoured, he goes on to bid for Warner's troubled rival EMI.
Analysis
The music industry has always loved a colourful mogul and Len Blavatnik certainly fits the bill. His life story reads like a classic rags-to-riches tale: born in the Soviet Union, arrived in the US at the age of 21 without a penny, made a fortune in New York real estate before turning post-communist Russia into his industrial playground.He is, of course, not the first Russian billionaire to buy into Western media businesses. That honour goes to Alexander Lebedev, who owns the Independent and London Evening Standard newspapers. But Mr Blavatnik's ambitions could soon dwarf those of his compatriot if, as rumoured, he goes on to bid for Warner's troubled rival EMI.
Mr Blavatnik said he was "excited" to be extending his involvement in the firm.
Warner Music Group, whose entire music and publishing businesses have been sold, will become a private company with its shares delisted from the New York Stock Exchange. Chairman Edgar Bronfman said Access Industries was "supportive of the company's vision, growth strategy and artists, while bringing a fresh entrepreneurial perspective and expertise in technology and media".
"Most importantly, Access supports Warner Music's commitment to our recording artists and songwriters who are the foundation of our current and future success," he said.
There are rumours that Mr Blavatnik also wants to add EMI to his portfolio of businesses.
In addition to its heavy industrial interests, his US-based Access Industries also owns the UK arm of film and TV distributor Icon.
Mr Blavatnik, who has an estimated fortune of $7.5bn, is a director of Russian oil firm TNK and aluminium giant Rusal.
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