Following an initial announcement and paperwork filing in February, Warner Music Group continues to solidify its IPO as the major label gains approval from NASDAQ’s stock exchange to list its shares. The revelation was shared on May 7 in Warner’s updated SEC filing. Home to Atlantic Records, Big Beat, Fueled by Ramen, and other prominent labels, the conglomerate held off on its earlier IPO plans as a result of the COVID-19 pandemic’s impact on the markets.
“We have been approved to list our Class A common stock on Nasdaq. We and the selling stockholders negotiated the initial public offering price per share with the representatives of the underwriters and, therefore, that price may not be indicative of the market price of our Class A common stock after this offering,” stated Warner.
On the same day as Warner’s NASDAQ approval, claims from The Hollywood Reporter circulated that the Saudi Arabia-controlled Public Investment Fund was in talks to privately acquire the music company. However, the rumors have been doubtful as Warner’s IPO lands closer.