Musical major Warner Music Group, one of the three major world record labels, returns to Wall Street this Wednesday, after nine years of absence with the biggest market introduction since the start of the year.
Warner Music Group, which will be listed on the Nasdaq under the symbol WMG, has announced a price of 25 dollars per share for its return and is selling 77 million songs, according to a press release from the group released Wednesday morning. In total, the company therefore seeks to raise more than $ 1.9 billion.
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The price of the action was to be fixed Tuesday evening but, according to several American media, the company had preferred to delay the announcement because of the movement “Blackout”, in support of the hundreds of thousands of demonstrators who for a week denounce the racist police violence in the United States.
Warner postponed its IPO due to the Covid-19 pandemic. The virus has seriously affected the music industry,shows. A report from Goldman Sachs bank predicts a 25% drop in world revenues but is more optimistic for 2021.