Warner Music Group Files for IPO
February 6, 2020 two:25PM PT
Warner Music Group today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock. According to the announcement, the shares of common stock to be sold in this offering are proposed to be sold by certain of Warner Music Group’s stockholders. The number of shares of common stock to be offered and the price range for the proposed offering have not yet been determined.
The company went private in 2011 when Len Blavatnik’s Access Industries bought the company for $3.3 billion.
The inspiration for this move is not hard to deduce: Universal Music Group, the world’s largest music company, recently was valued at $33 billion as part of its agreement to sell 10% of itself to a consortium led by Chinese tech giant Tencent. With UMG’s value skyrocketing over the past four years, Blavatnik has apparently decided the time is ripe to go public.
Morgan Stanley, Credit Suisse and Goldman Sachs & Co. LLC are acting as joint bookrunning managers for the offering.
COPYRIGHT_BP: Published on https://bingepost.com/warner-music-group-files-for-ipo/20789/ by Cecilia Jones on 2020-02-06T22:37:06.000Z
The announcement also states that a registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.