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2020-05-31

Tencent in discussions about buying Warner Music Stake

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The Wall Street Journal reported that on Friday the giant of the Chinese Internet, Tencent Holdings Ltd, will be investing $200 million (162.5 million pounds) in Warner Music Group, ahead of its initial public offer for the record company next week.

Warner Music works to create institutions that would contribute, together with Tencent, a total of more than one billion dollars in anchor investors, to the fundraising target of up to $1.8 billion, the report says.

The list of artists such as Cardi B, Ed Sheeran and Bruno Mars could possibly be the largest New York IPO in 2020, by means of the world's third largest recording label.

Warner Music delayed its IPO in March when the COVID-19 pandemic struck the capitalists and hit many listings with brakes.

It is expected that on June 2 the company will be pricing its IPO with its stock debut on Nasdaq the next day under the symbol WMG.

Tencent was not available for comment immediately, while Warner Music refused to comment.

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