Warner Music Sings the Right Streaming Tune

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Warner Music made its market debut Wednesday. djtgallagher explains why the record label should be valued more like its streaming partner Spotify. WSJWhatsNow

Warner Music isn’t a streaming company per se, but the oddities of the music industry mean investors should value it like one.

The world’s third-largest record label returned to the public markets Wednesday with an initial public offering that priced at $25 per share—toward the high end of its expected range. The stock jumped another 20%...

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