NEW YORK (CelebrityAccess) — Warner Music’s parent company, the Len Blavatnik-controlled Access Industries, announced plans to sell more than eight million shares of the label giant.
The offering of 8,562,500 by affiliates of Access Industries, LLC, will me made to the public at a price of $41.00 per share and is expected to close by January 6th.
Warner Music Group itself is not selling any of their own shares in the offering and will not receive any of the estimated $351 million in proceeds to be realized from the deal, according to Access Industries.
Morgan Stanley is acting as the underwriter for the offering.
WMG closed down almost four percent at $41.27 on Tuesday following the announcement of the planned sale.
