Warner Music Group Sets IPO Price
Warner Music Group has set its initial public offering (IPO) price at $25 per share. The size of the IPO has been increased from 70 million shares to 77 million shares.
That translates to a $1.925 billion public offering. The IPO initially had a target price of $23 to $26 per share, which at 70 million shares would have reached $1.82 billion on the high end.
After the IPO, Warner Music Group will consist of 510,000,000 total shares. The $25 IPO price values the now-public company at $12.75 billion.
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WMG’s stock will begin trading today on the Nasdaq under ticker symbol WMG. The U.S. stock markets open today at 9:30 a.m. ET.
Additionally, Warner Music Group and owner Len Blavatnik’s family foundation have pledged $100 million “to support charitable causes related to the music industry, social justice and campaigns against violence and racism.”
“This fund will support the extraordinary, dedicated organizations that are on the front lines of the fight against racism and injustice, and that help those in need across the music industry,” Steve Cooper, CEO of Warner Music Group, said in a statement. “Our advisory panel, which will draw from a diverse cross-section of people from our team and the wider community, will help us be very thoughtful and accountable in how we make an impact. We’re determined to contribute, on a sustained long-term basis, to the effort to bring about real change.”
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WMG is the home to record labels Atlantic Records, Warner Records, Elektra Records and Parlophone Records, as well as publishing business Warner Chappell Music.
Warner Music Group artists include Bruno Mars, Ed Sheeran, Death Cab For Cutie, Wiz Khalifa, Cardi B, Gary Clark Jr., Jason Derulo, Echosmith, The Flaming Lips, Jenny Lewis, Linkin Park, Muse, Nico & Vinz, Prince, Red Hot Chili Peppers, Royal Blood, Blake Shelton, Hunter Hayes, Brett Eldredge, Cole Swindell, Frankie Ballard, Dan + Shay, Ashley Monroe, Randy Travis, Delta Rae, Ben Fields, Residual Kid, Cold Fronts, Neil Young, Green Day, Michael Bublé, Josh Groban, Slipknot, Rush, Theory of a Deadman, and Killswitch Engage, among many others.
The company holds the publishing for Twenty One Pilots, Lizzo, and Katy Perry, to name just a few.
Read original story Warner Music Group Sets IPO Price At TheWrap
