Warner Music sales have climbed by 50% since 2015. He bought Warner Music for $1.3 billion in 2011, when the music industry was in the depths of a 15-year decline. Spotify shares, for example, have risen 36% since Reuters reported that Warner Music would delay the offering.īlavatnik, a Ukrainian-American, has a net worth estimated at $22.9 billion, according to the Bloomberg Billionaires Index. But as painful as the crisis has been in lost lives and broad economic disruption, it has also brought winners - including streaming companies. Warner Music initially filed for the IPO in early February, then shelved the plan in March as markets plunged in the early stages of the coronavirus pandemic. That’s boosted the value of music companies and enticed investors back to the record industry. Music sales have surged in recent years thanks to the growth of paid streaming services from Spotify Technology SA and Apple Inc.
Warner Music won’t retain any of the money raised. The offering consists entirely of secondary shares to be sold by Blavatnik’s Access Industries and certain related selling stockholders, the filing said. Backed by billionaire Len Blavatnik, shareholders of the New York-based record group behind artists such as Cardi B, Ed Sheeran and Bruno Mars plan to sell 70 million shares of its Class A common stock priced between $23 and $26 a share - raising as much as $1.8 billion - according to a regulatory filing on Tuesday.
0 kommentar(er)
