After debuting at just $25 a share, Warner Music Group (WMG) now trades at $32.
That now gives it a market cap of $16.32 billion.
“After the offering, according to the company’s S-1 filing with the Securities and Exchange Commission, Warner Music will have 510 million shares outstanding, 440 million of which are in the form of supervoting Class B shares entitled to 20 votes per share. Almost all of those are controlled by Access and Blavatnik. At $25 a share, the company was valued at $12.8 billion,” as noted by Barron’s.
“Warner’s April revenue was $295 million, down from $335 million, or $329 million in constant currency, a year-over-year decline of about 10%. Streaming revenue for the month was up 12% to $183 million, versus $168 million in April 2019, the company said, and music publishing revenue in the month was $22 million, up from $19 million.”