NEW YORK (CelebrityAccess) — Warner Music Group has delayed its plans to launch an initial public offering of stock, according to people familiar with the matter.
The company made the decision following sharp declines in global financial markets, which saw the S&P 500 Index drop by 12% on the news of the global spread of COVID-19 coronavirus.
Such volatility makes it difficult for IPO underwriters to find steady demand for a company’s shares,” Reuters reported.
Warner formally filed paperwork with the Securities & Exchange Commission in February.
The number of shares of common stock to be offered and the price range for the proposed offering have not yet been determined.