NEW YORK (CelebrityAccess) — In the latest sign of the health of the recorded music industry, label giant Warner Music Group announced it has filed the necessary paperwork with the U.S. Securities and Exchange Commission for a proposed initial public offering.
While Warner’s filings do not provide an estimated valuation for the company, Russian billionaire Len Blavatnik spent 3.3 million acquiring the company in 2011 while the world of recorded music had yet to fully transition to the streaming era.
For comparison, Warner’s major label rival Universal’s parent company Vivendi last year sold a ten percent stake in the company to Chinese e-commerce giant Tencent for $3.36 billion, providing a rough valuation of the company at $33 billion.
UMG is regarded as the largest label group in the industry, with a powerful music publishing division that represents a catalog of more than 30 million songs.
WMG also features an extensive catalog contemporary recording artists such as Ed Sheeran and Cardi B, as well as a deep catalog of classic recordings, ranging from Fleetwood Mac, and Led Zeppelin to Gene Autry and Stephen Sondheim.
As well, Warner operates Warner Chappell Music, one of the largest music publishers in the world. Warner’s sub-labels include Asylum, Atlantic, Elektra, East-West, Parlophone, Reprise, Rhino, Roadrunner, and Sire among others.
Morgan Stanley, Credit Suisse, and Goldman Sachs & Co. LLC are acting as joint book-running managers for the offering.