This offering will be made only by means of a prospectus. A registration statement relating to the proposed IPO has been filed with, and declared effective by, the U. Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
With a legacy extending back over years, Warner Music Group WMG today brings together artists, songwriters and entrepreneurs that are moving entertainment culture across the globe. Media Contact: James Steven James. Steven wmg. Summer Wilkie Summer. Wilkie wmg. But global record sales have climbed five years in a row due to paid streaming services like Spotify and Apple Music. Tencent Holdings Ltd. That 8m equates to Both of these transactions took place on Wednesday, June 3, which was the same day Warner floated a portion of its business on the Nasdaq in New York.
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Recorded music revenues were down 2. However, that drop was largely due to unusually robust physical sales in the same quarter the previous year; this quarter saw them dropping LLC are acting as joint bookrunning managers and as representatives of the underwriters for the offering.
BofA Securities, Inc. Morgan Securities LLC are also acting as joint bookrunning managers. Barclays Capital Inc. A registration statement relating to the proposed initial public offering has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Home Music News. May 26, am PT. By Jem Aswad Plus Icon. Jem Aswad Senior Music Editor jemaswad. See All. More From Our Brands. Miami Heat Game 7 Livestream Online. Expand the sub menu Film. Expand the sub menu TV. Expand the sub menu What To Watch. Expand the sub menu Music. Expand the sub menu Docs. New York, NY-based WMG was founded to source and sign musical artists, facilitate the recording and distribution of music and provide music publishing services.
Management is headed by Chief Executive Officer Mr. The firm uses its market presence to acquire, nurture and promote new musical artists via online and offline channels. WMG has existing offline music labels but more recently acquired Uproxx to expand its business via online pop culture and news. The main drivers for this expected growth are the rise in digital technologies as the primary means through which musical entertainment is both produced and consumed.
Additional growth is expected to come from 'diversified services as they capitalize on vertical business opportunities to license brand name products and services, packaging consumer experienced around touring and live music, bundling music services with other online content services and more. Management says its market ranking was 3 in both the recorded music market and music publishing market.
Class A stockholders will be entitled to one vote per share and Class B shareholders will be entitled to 20 votes per share. Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately Access will continue to be a controlling shareholder after the IPO is completed. Warner Music is attempting to go public at what it believes is a valuable juncture given the historical growth of streaming in recent years combined with increasing consumption of online entertainment by consumers in the era of the Covid19 pandemic.
The market opportunity for music content is global and forecast to grow appreciably in the years ahead and consumers continue to shift usage to digital sources. However, the firm wants to add adjacent services and while there are numerous opportunities, some of them involve event-oriented services, which may be attenuated in the near-term as a result of changing consumer interest in in-person events due to the pandemic.
While revenue has begun growing more slowly, that may be only temporary due to passing external factors such as the economic dislocation stemming from the Covid pandemic. One aspect of WMG that I especially like is its cash flow yield of 2. That cash flow and related balance sheet will likely place the firm in an excellent position to acquire technologies or companies and invest in new initiatives as it seeks to expand its service offerings. Gain Insight and actionable information on U.
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Warner Music Group's much-awaited initial public offering finally hit the Nasdaq on Wednesday and enjoyed an immediate boost in price for. Warner Music Group filed with the SEC Tuesday to launch an initial public offering of 70 million shares priced from $$26 dollars. Warner Music Group announced Tuesday that it is moving forward with its IPO, selling % of its common stock at $23 to $26 a share.