Warner Music Group, a leading music publisher and record label, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $750 million. The company will not receive any of the proceeds as the shares will be offered by existing shareholders.
The New York, NY-based company was founded in 1958 and booked $4.5 billion in revenue for the 12 months ended December 31, 2019. It has not selected an exchange or ticker yet. Warner Music Group filed confidentially on October 1, 2019. Morgan Stanley, Credit Suisse, and Goldman Sachs are the joint bookrunners on the deal. No pricing terms were disclosed.
