Wondering why Edgar Bronfman Jr. was so cool about the Warner Music sale to Russian billionaire Len Blavatnik? Well, he was guaranteed a major payout, and he’ll end up taking home $21.7 million. Not bad.

According to The New York Post, of the $21.7 million, $16.8 million of that is part of Bronfman’s “golden parachute” – an agreement between an employee and an executive that promises big payouts should employment be terminated.

This week’s winner? Edgar Bronfman Jr.

While often derided for past investment moves, Bronfman emerged this week on top. Some may have questioned Bronfman’s choice to buy Warner Music Group for $2.6 billion in 2004 — but this week clearly silenced the naysayers.

It was surprising enough when news emerged late last month that three separate bidders were each planning to offer roughly a $3 billion for the business — after all, that figure was three times the company’s estimated market value. But winning bidder Len Blavatnik then exceeded that amount, offering $3.3 billion for Warner. Needless to say, we think Bronfman must have been pleased with the deal.

The bids are in for Warner Music Group — and they’re basically identical. The two remaining bidders (Ron Burkle bowed out just two days ago) both bid about $3 billion for the company, according to the New York Post, as had been expected.

Billionaire brothers Tom and Alec Gores have been neck-in-neck with Russian billionaire Len Blavatnik for several weeks for possession of the company. And while other bidders have come forward to buy up small parts of Warner, those two have emerged as the leaders of the pack. If it goes through, the deal could be a major win for current owner Edgar Bronfman Jr., who’s watched the company decline in value since he bought it for $2.6 billion in 2004.

So, who has the edge in this deal? It’s anyone’s guess right now. The Post does point out, however, that Blavatnik is “a close ally” of Bronfman — could that make the difference?

If there’s one thing moguls desire more than money, it’s fame. They’ll throw all financial discipline out the window and pay any amount in pursuit of it. How else to explain why the three leading bidders in the auction for Warner Music Group — Ron Burkle’s Yucaipa Cos., billionaire brothers Tom and Alec Gores, and Russian billionaire Len Blavatnik’s Access Industries — are all offering the princely sum of around $3 billion, or more than three times the company’s current market value.

It should come as no surprise that all three billionaire bidders last year tried to buy either the Miramax or Metro-Goldwym-Mayer film studios but lost out in the end. By going after Warner Music, whose artists include Regina Spektor, Faith Hill and Paramour, it’s as if they are saying, “Hey, if we can’t go to the Oscars with a hot actress, we might as well hit up the Grammys with a hot singer.”

Of course, there are other bidders for parts of the company lurking in the waters. But, with Warner’s board preferring to sell as one entity to a buyer that doesn’t pose any regulatory risk, Burkle, Blavatnik and the Gores are in the driver’s seat.

Still, there is no clear stalking horse among the three potential buyers, a source told Mogulite, meaning that a bidding war could erupt.