Warner hits Wall Street: Six reasons why WMG's IPO matters (or doesn't)
Ed Sheeran performs at Otkritie Arena during his world tour on July 19, 2019 in Moscow.
Warner's owner, Access Industries, floated 70 million of 510 million shares outstanding at $25 per share. After being delayed by a market crash caused by the coronavirus pandemic, Warner had an excellent: Its shares opened at $27 and rose to $30.85 before closing at $30.12, up 20.5%. Day two is shaping up as well, with shares rising another 5% to $31.80 by early afternoon.
But does Warner's IPO actually change anything? Does it provide stakeholders -- especially performing artists and songwriters -- more visibility into the company's inner workings? Does it affect how the company spends and invests? Will it impact the composition of the board of directors?1) Investors gave a big note of confidence to record labels and music publishers.
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