Warner Music Group filed with the SEC Tuesday to launch an initial public offering of 70 million shares priced from $23-$26 dollars — raising up to $1.82 billion at the upper end of the rang…
today and said in its filing that the IPO wiill take place “as soon as practicable” after the registration statement becomes effective.WMG has been eyeing an IPO for months but held off as the coronavirus pandemic roiled stock markets. Growth in streaming servies has boosted the value of music companies in recent years.
WarnerMusic’s earned $258 million in fiscal 2019 on revenue of $4.48 billion. Recorded music generated $3.84 billion, or 86% of total revenues. Global music publishing under Warner Chappell Music, which includes Twenty One Pilots, Lizzo and Katy Perry, generated $643 million of revenue. Blavatnik bought WarnerMusic in 2011 for $1.3 bilion. Before that it was a publicly-listed company from 2005. Time Warner sold Warner Music in 2003 for about $2.6 billion to an investor group led by the Seagram heir Edgar Bronfman, Jr. and private equity firm Thomas H. Lee.
Morgan Stanley, Credit Suisse and Goldman Sachs are lead underwriters with BofA Securities, Citgroup and JP Morgan acting as joint bookrunners. Another 23 banks are acting as co-managers.
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