The Warner Music Group is reportedly close to making its share offer, having filed new details with the US Securities And Exchange Commission. CMU’s Wall Street correspondent (no, really) tells us that the major plan to offer 32.6 million shares within a price range of $22-$26. The money raised by the share sale will be used to pay off “various debts of its subsidiaries” and for “general corporate purposes”, whatever that means. There is some speculation as to how successful the share sale will be, mainly because things have been a little unstable on the New York Stock Exchange in the last few weeks, though Warners insiders say they remain optimistic.
Apr 19, 2005
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1 min read
Warner Music readies share sale
The Warner Music Group has filed details with the SEC for a share offer of 32.6 million shares priced between $22 and $26, with proceeds to pay debts and for corporate purposes.