Advertisement
New Zealand markets closed
  • NZX 50

    12,105.29
    +94.63 (+0.79%)
     
  • NZD/USD

    0.5964
    -0.0042 (-0.69%)
     
  • ALL ORDS

    8,153.70
    +80.10 (+0.99%)
     
  • OIL

    82.57
    +1.22 (+1.50%)
     
  • GOLD

    2,235.20
    +22.50 (+1.02%)
     

Warner Music to go public June 3

Warner Music is back in the groove. The world's third largest recording label said Tuesday it's reviving its IPO with plans to go public June 3 under the ticker "WMG." It's setting a price target of $23-26 a share, valuing the company as high as $13.3 billion.

The home to recording artists like Cardi B, Ed Sheeran and Bruno Mars aims to sell up to $1.8 billion in stock, making it potentially the largest initial public offering in New York so far this year.

Warner was supposed make its public debut on the Nasdaq back in March, but it put off the IPO as the stock market tanked.

The music industry is seen as more resilient to economic weakness, but Warner Music has posted a loss in its latest quarter and has expressed caution about its sources of revenue.