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Warner Music Decides on IPO Range

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Warner Music Group has decided on a range of $22 to $24 for its initial public offering.

The company plans on selling 32.6 million shares which should make up to $782 million.

Warner Music is also in discussions with Time Warner to buy back warrants that let the company take a 15 percent stake at a discounted price.

According to a CNN article,

"By exercising the three-year warrants, Time Warner could pay $284.4 million based on an IPO of $23 a share, the music company said. If Time Warner pays cash, it would own about 19 million shares of common stock and if it does not use cash, 6.6 million. CNN/Money is a unit of Time Warner.

A group of investors led by media mogul Edgar Bronfman Jr. bought the smallest of the four major record companies from Time Warner last year for $2.6 billion. The warrants were issued in connection with the takeover by Bronfman, Thomas H. Lee Partners, Bain Capital and Providence Equity Partners."

The company was sold by Time Warner only a year ago.

WebProNews | Breaking eBusiness News
Your source for investigative ebusiness reporting and breaking news.

News Tags: Music, ipo, CNN, Warner
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WebProNews | Breaking eBusiness News Your source for investigative ebusiness reporting and breaking news.

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