Last week, Warner Music Group filed to go public in its IPO: you can read our analysis of the filing’s juicier bits here.
According to the Financial Times, WMG was planning to announce the pricing for its shares in the IPO yesterday – which would in turn reveal the valuation of the company – but decided to delay that announcement so as not to clash with the Black Out Tuesday pause in music industry operations.
“The awkward timing left Warner Music executives fearful about the optics of its owner raising billions of dollars at the same moment they had pledged to look into the inequality in their industry,” suggested the FT, adding that the shares will now be priced later today.
The article also suggests that WMG will be pricing its shares at between $25 and $26, which could mean a valuation for the company close to the $13.3bn upper end of predictions last week. An IPO is certainly sensitive territory this week in particular.
The Weeknd was among artists and activists yesterday calling for large music companies to make significant donations. “To my fellow respected industry partners and execs- no one profits off of black music more than the labels and streaming services,” he wrote on Instagram. “I gave yesterday and I urge you to go big and public with yours this week. It would mean the world to me and the community if you can join us on this.”