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Coulmbia House Sold To Blackstone Capital III

Blackstone Capital Partners III, a private equity fund, has completed its acquisition of most of Columbia House. Terms were not disclosed, but the fund, an affiliate of New York-based Blackstone Group, is believed to have paid about $420 million for an 85% stake in the record and movie club. Warner Music Group and Sony Music Entertainment, the former owners, will retain a minority interest.