China's Tencent Music reports passive stake in Warner Music
Label is home to the likes of Ed Sheeran, Cardi B. and Bruno Mars
China's Tencent Music Entertainment Group on Friday reported a 5.2 percent passive stake in Class A shares of 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.
SALE OF UNIVERSAL MUSIC GROUP STAKE TO TENCENT CONSORTIUM CLOSED
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TME | TENCENT MUSIC ENTERTAINMENT GROUP | 12.15 | +0.74 | +6.49% |
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.