, for a market capitalization of $15.36 billion and an enterprise valuation of $17.85 billion, when debt is included.
By having an initial price at $25, WMG was valued at $12.75 billion coming into the day -- the largest stock offering so far this year -- just nine years after billionaire Blavatnik’s Access bought a then-public WMG in 2011 for $3.3 billion and took the company private in the midst of an industry downturn.
As of now, Warner is the only pure-play major music company on the market in either North America or Europe; its major competitors, UMG and Sony Music, are part of conglomerates Vivendi and Sony Corp., respectively, while BMG -- which is nearing fourth major status -- is a division of Bertelsmann.
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Warner Music Group delays pricing of IPO: Media reportsWarner Music Group Corp. delayed the pricing of its planned initial public offering on Tuesday, as the music industry took a pause from regulator activity to express solidarity with the protesters taking a stand after the death of George Floyd in Minnesota last week, according to media reports on Wednesday. The company asked its bankers to postpone the pricing of the deal until early Wednesday, the FT reported, citing people familiar with the matter. The deal is expected to be the biggest IPO of the year to date, with the parent of record labels including Atlantic Records, Warner Records and Elektra Records, representing artists Ed Sheeran, Bruno Mars, Cardi B, Twenty One Pilots, Lizzo and Katy Perry, expected to sell 70 million shares priced at $23 to $26 each to raise up to $1.82 billion. Morgan Stanley, Credit Suisse and Goldman Sachs are lead underwriters, with BofA Securities, Citgroup and J.P. Morgan acting as joint bookrunners. Another 23 banks are acting as co-managers. The company has applied to list on Nasdaq under the ticker symbol "WMG."
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Warner Music Group prices IPO at $25 a share to raise $1.925 billionWarner Music Group Corp. undefined priced its initial public offering on Wednesday at $25 a share, the higher end of its $23 to $26 price range, and... How do they plan to make money with concerts shut down?
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