On March 1, 2004, Time Warner announced the sale of Warner Music Group to an investor group whose partners included former Universal Music head Edgar Bronfman, Jr. The sale was completed for $2.6 billion, with Time Warner holding the option to buy back up to 15 percent of the company within the next three years. Warner Music Group, now the largest privately-held independent music company in the world, oversees an international array of labels in addition to divisions that cover marketing, distribution, and publishing of the company's assets. Its Alternative Distribution Alliance presses and distributes music nationally for major and independent labels. Sales for the Warner Music Group were $4.3 billion in 2003, up from $4.1 billion in 2000.