Warner Music Group has officially launched its initial public offering on Wall Street.
The company said on Tuesday that 70,000,000 shares of Class A common stock will be made available, at an expected price of between $23 and $26 per share, and that it will trade on the Nasdaq under the symbol"WMG."
Upon completion of the initial offering, WMG will have two types of common stock, Class A and Class B, the latter of which is held by parent company Access Industries and will represent 99.2% of the total combined voting power of our outstanding common stock following this offering. Because Access will control a majority of combined voting power of its outstanding stock, WMG will be a “controlled company” and may elect to not comply with certain governance standards under Nasdaq rules.
The speedy arrival of the COVID-19 pandemic in March led WMG to delay its long-planned IPO, however the company said certain factors in its balance sheet have actually improved since the economic shutdown. While total revenue was down during the month of April compared to the year-earlier period, streaming revenue actually grew 12% to $183 million, and publishing digital revenue improved by $3 million to $22 million compared to April 2019.
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