Tencent Holdings, is in talks to buy a stake in Warner Music Group as part of the record company’s initial public offering, the Wall Street Journal reported Friday. The paper citied “people familia…
WMG is also lining up other potential partners that could serve as anchor investors along with Tencent, which would contribute in excess of $1 billion toward a fundraising goal of as much as $1.8 billion, the sources reportedly said., reps for Warner and Tencent had no comment or did not respond to requests for comment.
Tencent led a consortium that acquired 10% of Universal Music Group, the world’s largest music company, late last year — this deal would give it a piece — although not a controlling interest — of two of the three major labels. The second-largest is Sony. The company is expected to be valued at between $11.7 billion and $13.3 billion, and is set to begin trading June 3.WMG’s parent company, Len Blavatnik’s Access Industries, announced on Tuesday that it has launched the initial public offering of 70,000,000 shares of its Class A common stock, pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission. The initial public offering price is expected to be between $23.00 and $26.
when the coronavirus pandemic took effect in the U.S. and Europe. Access purchased Warner in 2011 for $3.3 billion. While the timing of the IPO is unusual — coming, as it is, in the middle of a global pandemic — its resumption is in many ways not surprising. While Universal Music Group was recently valued at a whopping $33 billion — as part of its agreement to
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