Warner Music Group Corp. announced today that it has launched the initial public offering of 70,000,000 shares of its Class A common stock pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission. The initial public offering price is expected to be between $23.00 and $26.00 per share. The offering consists entirely of secondary shares to be sold by Access Industries, LLC and certain related selling stockholders. The underwriters will have a 30-day option to purchase up to an additional 10,500,000 shares of Class A common stock from the selling stockholders. The Company will not receive any proceeds from the offering. The Company has been approved to list its shares of Class A common stock on The Nasdaq Stock Market LLC under the ticker symbol "WMG". With a legacy extending back over 200 years, Warner Music Group today brings together artists, songwriters and entrepreneurs that are moving entertainment culture across the globe. Operating in more than 70 countries through a network of affiliates and licensees, WMG's recorded music division includes renowned labels such as Asylum, Atlantic, Big Beat, Canvasback, Elektra, Erato, First Night, Fueled by Ramen, Nonesuch, Parlophone, Reprise, Rhino, Roadrunner, Sire, Spinnin', Warner Records, Warner Classics and Warner Music Nashville. WMG's music publishing arm, Warner Chappell Music, has a catalog of more than 1.4 million copyrights spanning every musical genre, from the standards of the Great American Songbook to the biggest hits of the 21st century. Warner Music Group is also home to ADA, the independent artist and label services company; as well as consumer brands such as Songkick, the live music app; EMP, the merchandise e-tailer; and UPROXX, the youth culture destination. Warner Music, owned by Len Blavatnik's Access Industries, had filed for its IPO in February, with Morgan Stanley, Credit Suisse and Goldman Sachs acting as the joint lead underwriters. Warner Music Group artists include LINKIN PARK, MUSE, RED HOT CHILI PEPPERS, ROYAL BLOOD, GREEN DAY, SLIPKNOT, RUSH, THEORY OF A DEADMAN and KILLSWITCH ENGAGE.
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