Warner Music Group files for an IPO as streaming services boost labels
Warner Music Group filed for an initial public offering with the Securities and Exchange Commission on Thursday as streaming platforms continue to drive the music industry higher.
The company is the third-largest of the industry's"big three," which also includes Sony Music Entertainment and, the biggest firm, Universal Music Group. Warner is currently owned by Access Industries, which took the company private in 2011 for $3.3 billion. Before then, a group of private-equity firms purchased the conglomerate from Time Warner in 2004 for $2.6 billion and took Warner public the following year.
Access' owner, billionaire Len Blavatnik, will hold voting control of the public company, according to the SEC filing. Warner's label portfolio includes Atlantic Records, Parlophone, Warner Records, and Spinnin' Records, among others.
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