Len Blavatnik, the owner of Warner Music Group since 2011, has put an initial public offering on hold. Its been only a month since the Ukrainian billionaire decided to go public. According to Digital Music News, paperwork was already filed with the Securities and Exchange Commission. The publication states that “this shotgun was loaded and aimed for a moment of perfect market frothiness.”
Warner Music Group has put its IPO on hold due to Wall Street’s stalled growth. This is due to the intense concerns over the coronavirus’s negative effect on the economy. Plans were made for WMG to initiate meetings with investors and specify price ranges for the company this morning. Unfortunately, that could not be done once the IPO was announced to be put on hold. However, once the issue with the virus has been somewhat resolved, there are plans for WMG to continue where they have left off.
Warner Music Group is in no rush to go public. Apparently, the company is set to be one of this year’s largest IPO’s. It is expected to make more than one billion dollars within the year.
Stay tuned for more updates on Warner Music Group.