Warner Music Group files for IPO, in the latest sign of music industry resurgence
When billionaire Len Blavatnik bought Warner Music Group for $3.3 billion in 2011, the major labels were still reeling from the digital revolution that had turned the business upside down.
The Los Angeles-based company, which represents artists including Ed Sheeran and Cardi B, said in a regulatory filing Thursday that it intends to hold an initial public offering, though it has not said when.Warner Music has grown substantially in value from what it was worth nine years ago, when Blavatnik bought the publicly traded company and took it private, according to analysts.IPOs are inherently risky, and there’s no certainty that an offering by Warner Music will happen.
Warner Music’s revenues have grown steadily in the last several years, according to the IPO filing. Sales were $4.48 billion in fiscal 2019, up from $4.01 billion the year before and $3.58 billion in 2017.
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