WMG SETS A RECORD; SELLS A LOT OF STOCK

On a day that saw Warner Music Group's share price hit an all-time high, the company sold 2.34m shares of common stock, worth $105m, to Morgan Stanley & Co.

Morgan Stanley plans to offer the shares for sale from time to time in one or more transactions on the Nasdaq, in the over-the-counter market, through negotiated transactions or otherwise at a fixed price or prices. The stockholders are selling all of the shares of Class A common stock, and WMG will not receive any proceeds from the offering. (Len Blavatnik’s Access Industries will get the cash.)

WMG picked the right day to sell: The stock rose almost 12% Tuesday to close at $45. It was up 7.1% year-to-date and up 43.5% over the past 12 months; WMG went public in early June 2020.