Warner Music Group moved forward with plans for its initial public offering, saying it would sell 70 million shares at a target price range of $23 to $26 each. The IPO would value the music major at $12.5 billion at the midpoint of the range. Details:
Warner Music Group on Tuesday moved forward with its planned initial public offering, saying it will raise as much as $1.8 billion for shareholders.
In its updated filing, the music major said it would "not receive any of the proceeds from the sale of the shares being sold by the selling stockholders in this offering." Upon completion of the initial offering, WMG will have two types of common stock, Class A and Class B, the latter of which is held by Access Industries and will represent 99.2 percent of the total combined voting power of outstanding common stock following the offering. Because Access will control a majority of combined voting power, Warner Music said it will be a "controlled company" and may elect to not comply with certain governance standards under Nasdaq rules.
Warner Music's recorded music division generated $3.84 billion of revenue in fiscal year 2019, representing 86 percent of total revenue, according to that filing. The division is home to such artists as Ed Sheeran, Bruno Mars and Cardi B and includes storied labels like Atlantic, Elektra, and the recently rebranded Warner Records.
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