Yesterday (September 21), Universal Music Group made its gargantuan debut on the Euronext Amsterdam Stock Exchange, reaching a valuation of $ 53.3 billion after his first full day of trading.

UMG, however, was not the only public music company to see its stock price skyrocket in the stock markets this week: the share price of Warner Music Group, listed on the Nasdaq, has skyrocketed at the continuation of UMG’s market debut on Tuesday. The WMG share price hit an all-time high of $ 45.59 in yesterday’s session, eventually closing at $ 45.0.

So it makes sense that the majority shareholder of WMG wants to strike while the iron is hot and unload a small chunk of WMG’s stock at such a fine value.

Late yesterday, Warner Music Group Corp announced that 2.34 million common shares of the company had been sold by subsidiaries of Access Industries from Len Blavatnik to Morgan Stanley.

Based on WMG’s closing share price of $ 45 on Tuesday, those shares would have been sold to Morgan Stanley for around $ 105.3 million.

According to the announcement, WMG will not receive any proceeds from the sale.

The announcement adds that Morgan Stanley & Co. LLC “proposes to offer for sale the Common Shares from time to time in one or more transactions on the Nasdaq, in the over-the-counter market, through negotiated transactions or otherwise at a fixed price. the price (s), subject to change, subject to receipt and acceptance by him and subject to his right to refuse all or part of any order ”.

At the time of publication on Wednesday (September 22), WMG’s stock price is $ 43.21, which translates to a market cap value of $ 22.23 billion.

Warner Music Group entered the Nasdaq on June 3, 2020 after setting an IPO price of $ 25.00 per share, which gave it an initial market cap value of $ 12.75 billion.

Access Industries has made available 70 million Class A ordinary shares of the music company.

Warner Music Group was worth more than $ 16 billion after its first full week of trading on the Nasdaq.Music trade around the world

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