New York – Warner Music Group Corp., one of the world’s largest record companies, on Friday disclosed plans to go public, filing with regulators to sell up to $750 million worth of common stock.
In a Securities and Exchange Commission statement, the company did not estimate how many shares or at what price it planned to offer its stock in the initial public offering, but said shares will be sold by both the company and several shareholders.
Proceeds from the deal will be used to repay debt and for general corporate purposes, according to the SEC document.
New York-based Warner Music was formed about a year ago when a group of investors, led by Chairman and Chief Executive Edgar Bronfman Jr., bought Time Warner Inc.’s music division for $2.6 billion.
The group, whose labels include Atlantic Records, Elektra Records and London Records, boasts a roster with top singers such as Madonna, Linkin Park and Kid Rock.
For the latest quarter ended Dec. 31, Warner Music posted a profit of $36 million on $1.09 billion in revenue.