worth $100 million, according to an SEC filing by WMG on Friday. The company has acquired 4 million Class A common stock shares in WMG, according to the filing.
The deal, while amounting to a relatively small percentage of Warner’s value, which is estimated at around $16 million, gives Tencent a stake in two of the world’s three major label groups: Late last year, Tencent closed a deal to acquire 10% of the world’s largest music company, Universal Music Group, which was recently valued at a whopping $33 billion..
The move took place on June 3, the day WMG debuted on Nasdaq. The news was first reported by Music Business Worldwide. According to its calculations, on that day Tencent would have paid around $120 million. Warner, which was previously owned entirely by Len Blavatnik’s Access Industries, first announced its intention to launch an IPO in February, but shortly afterward, on March 2,
when the coronavirus pandemic took effect in the U.S. and Europe. Access purchased Warner in 2011 for $3.3 billion.
Source: News Formal (newsformal.com)
Chinese domination. 😐
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