WARNER MUSIC EYES £11BN STOCK MARKET FLOAT

RECORD label Warner Music Group could be valued at almost £11bn in its upcoming stock market listing.

The $23 to $26 per share price tag would be four times what billionaire Sir Leonard Blavatnik paid when he bought it in 2011.

The US firm, which has musicians such as Michael Buble and Ed Sheeran

(pictured) signed to its label, is resuming its plans to float some shares on the US Nasdaq stock exchange. It suspended the initial public offering as markets tanked due to the coronavirus in February.

But yesterday, it said it would be selling 70m shares, raising £1.5bn.

When Ukraine-born Blavatnik bought Warner Music through his conglomerate Access Industries for £2.7bn, the industry was in a slump.

But sales have picked up. In its most recent financial year, Warner Music reported a profit of £207m on revenue of £3.6bn. Access will keep all proceeds and retain majority voting power among shareholders. Though markets are yet to recover, moves to ease lockdowns have encouraged investors to begin spending again.