Top Up backer invests $130m in Deezer

Warner Music-owner Len Blavatnik has invested $130 million in subscription streaming service Deezer.

Blavatnik’s Access Industries, which also holds stakes in Top Up TV and digital sports company Perform, has taken an undisclosed stake in Deezer.

Deezer, which has its roots in France and counts mobile phone giant Orange as a shareholder, would only say that the deal makes Access Industries a “cornerstone investor”.

The company, which expanded to the UK last year, says that it has been profitable since 2010, thanks in part to a partnership with Facebook.

Blavatnik described Deezer as a “state-of-the-art music service with enormous potential”.

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