Tencent Music Buys $100 Million Stake In WMG
Tencent Music Entertainment has purchased a stake in Warner Music Group.
According to a WMG SEC filing today, TME acquired 4 million shares of Class A common stock for $100 million on the same day that the music group IPO’d on the NASDAQ.
That equates to 5.2% of total outstanding Class A shares, and 0.8% of WMG overall.
TME bought the 4 million shares at WMG’s IPO price of $25.00 per share. On Friday, June 12th, WMG stock was trading in the $30.40 per share range.
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It’s really a bit confusing for me to understand what’s the strategy behind the purchase of stake.
wow! this is so nice and lovely