The debut on the Nasdaq comes less than a decade after it was purchased for US$3.3 bil. FMTNews IPO Stocks Warner US
NEW YORK: Warner Music Group, one of the globe’s “big three” recording companies, is set to proceed with its initial public offering valuing the company up to US$13.3 billion.
Warner Music – home of Cardi B and Ed Sheeran as well as lucrative back catalogues from the likes of Madonna – hopes to sell 70 million shares at between US$23 and US$26 apiece, which would value the company at US$11.7 billion to US$13.3 billion.Warner had initially announced IPO plans in February before postponing them over the coronavirus pandemic, still considered a risk factor to the company’s business.
According to a New York Times report, Warner executives have told employees to participate in the blackout day – but the IPO will go on. In 1963 the company acquired Reprise Records, a label founded by Frank Sinatra who desired more control over his music. The Pretenders, the Ramones, the Talking Heads and Madonna all came in as part of the subsidiary Sire Records, as Warner Bros. signed Prince – poising the company to all but own the eighties.
The company dropped Interscope, the label behind the “Cop Killer” controversy that also saw disputes with Snoop Dogg and Dr Dre.
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