Warner Music forges ahead with market debut despite COVID-19 gloom

This translation has been automatically generated and has not been verified for accuracy.Warner Music Group said on Thursday it received an approval to list its shares on the Nasdaq stock exchange in what could be a rare initial public offering after the COVID-19 pandemic forced a number of companies to put their plans on hold.

Warner, which filed for an initial public offering in February, was bought by billionaire Len Blavatnik’s investment group, Access Industries, for about $3.3 billion in 2011.The world’s third-largest music recording label had in March delayed it plans to kick off the debut - set to be one of the year’s larger IPOs, raising in excess of $1 billion, Reuters reported, citing people familiar with the matter.

Warner said in a regulatory filing the virus outbreak had hurt physical revenue streams, citing disruptions in manufacturing and physical supply chains, including mandated closure of physical retailers.

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