Spinoffs & Takeovers Hotline – Friday, June 5, 2020
Article Excerpt
WARNER MUSIC GROUP CORP., $29.94, symbol WMG on New York, began trading on Wednesday after it launched its IPO.
The company sold 77 million shares at $25 each to raise $1.925 billion.
Warner Music is one of the world’s leading music entertainment companies. Its record labels include Atlantic Records, Warner Records, and Elektra Records. Musicians recording on these labels includes Bruno Mars, Lizzo, Ed Sheeran, Cardi B, Katy Perry, Madonna, Metallica, Neil Young and Led Zeppelin.
The company also owns Warner Chappell Music, a music publishing company representing more than 80,000 songwriters and composers.
Warner Music’s recorded music business accounts for 86% of its overall revenues. Its music publishing business generates the remaining 14%.
U.K. billionaire Len Blavatnik acquired Warner Music in 2011 for $3.3 billion. At the time, the music industry was in decline. However, it has since seen a major revival.
The company won’t receive any of the proceeds from the IPO. Instead, Blavatnik is selling 70 million shares of his holding. The billionaire…
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