China’s Tencent Music reports passive stake in Warner Music

China’s Tencent Music reports passive stake in Warner Music

Business

China’s Tencent Music Entertainment Group on Friday reported a 5.2per cent passive stake in Warner Music Group Corp, about a week after the world’s third-largest recording label’s debut on the Nasdaq.

FILE PHOTO: Tencent Music Entertainment celebrates the company's IPO at the NYSE in New York

FILE PHOTO: Tencent Music Entertainment celebrates the company’s IPO at the New York Stock Exchange (NYSE) in New York, U.S., December 12, 2018. REUTERS/Bryan R Smith/File Photo


(Updated: )

REUTERS: China’s Tencent Music Entertainment Group on Friday reported a 5.2per cent passive stake in Warner Music Group Corp , about a week after the world’s third-largest recording label’s debut on the Nasdaq.

Tencent Music is controlled by Chinese tech giant Tencent Holdings Ltd .

The listing by Warner, home to artists including Cardi B, Ed Sheeran and Bruno Mars, was the biggest in the United States so far in 2020.

The company in March had delayed its initial public offering, as the COVID-19 pandemic rocked capital markets and slammed the brakes on many listings.

(Reporting by Akanksha Rana in Bengaluru; Editing by Maju Samuel)

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China’s Tencent Music reports passive stake in Warner Music

This entry was posted by Street-Buzz on July 8, 2020 at 4:06 pm

China’s Tencent Music reports passive stake in Warner Music
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