NEW YORK - Warner Music Group filed a 750-million-dollar initial public offering on Friday, a year after Edgar Bronfman Jr. bought the recording giant from Time Warner.
The record label of music megastars including Madonna, Led Zeppelin, Metallica and Linkin Park, Warner Music is the world`s fourth-largest recording firm, behind Universal, Sony/BMG and EMI.
Goldman Sachs and Morgan Stanley have been designated as lead underwriters for the IPO, but Warner Music has yet to determine if it will trade on the New York Stock Exchange or the Nasdaq.
For the 12 months ended September 30, 2004, Warner Music reported a net loss of 848,000 dollars on revenue of 3.45 billion. It listed 4.75 billion dollars in assets, 1.8 billion in debt and 213 million in cash.
Last year, Bronfman closed his 2.6-billion-dollar purchase with backing from several private equity firms, including Thomas H. Lee Partners. Time Warner retained the right to buy back a minority stake in the business.
No other major music companies have gone public in recent years, but the entertainment industry last year chalked up an IPO from DreamWorks Animation, producer of the popular "Shrek" movies. The IPO debuted at 28 dollars per share last fall and is now trading in the upper 30s.
03/11/2005 13:23 GMT