SNE - Warner Music Group Is Floating $2.1 Billion of Shares on the Public Market
Music publishing giant Warner Music Group is rejoining the public stock market after nine years under private ownership. The company filed an S-1 to announce its intent to go public in February, then withdrew that offering as the COVID-19 crisis turned the markets upside down. Warner Music is back with a fresh S-1 filing today, planning to sell as many as 80.5 million Class A shares at a launch price between $23 and $26 per share.
The stock offering involves 70 million shares currently held by private investment firm Access Industries, which has held 100% of Warner Music's equity since acquiring the company for $3.3 billion in 2011.
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