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(Bloomberg) -- Len Blavatnik bought Warner Music Group Corp. for $3.3 billion in 2011, as the global music industry was grappling with plummeting record sales and a transition to digital listening dominated by piracy.He took the company public Wednesday with the stock pricing at $25. The shares surged 20% to close at $30.12, giving Warner Music a market value of $15.6 billion after its first day of trading.Entities controlled by Blavatnik, 62, sold about 77 million shares and Warner Music won’t receive any of the proceeds, according to a regulatory filing. He will retain almost all of the voting power. A spokeswoman for Blavatnik declined to comment.Warner Music Shareholders Raise $1.9 Billion in Upsized IPOThe pricing was delayed to avoid clashing with Black Tuesday, when the music industry halted business to support protests against police brutality in the U.S, people familiar with the matter said.Its public debut, at almost four times...
According to a recent report from Reuters, cosmetic company Coty is in talks with Kim Kardashian West for a possible collaboration. The company already has a majority stake in Kylie Jenner’s skincare line, which it bought for $600 million last year.
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Gilead Sciences (GILD) has outperformed the market in 2020, up nearly 16%, as hopes have been pinned on its ability to bring a viable COVID-19 treatment to market.The Phase 3 SIMPLE trial evaluating remdesivir as a 5 and 10-day treatment for moderately ill COVID-19 patients compared to placebo, found that by the primary end point of day 11, those given the medication for 5 days were more likely to show a clinical improvement than those receiving standard care. However, patients taking the medicine for 10 days displayed some clinical improvement but not enough to be statistically significant, compared to the standard-of-care treatment.It should be noted that no new safety issues came to the fore. The full data is expected to be released later in the year.Remdesivir is also currently being evaluated in an NIH (National Institute of Allergy and Infectious Diseases) Phase 3 ACTT-II trial, while a collaboration between Gilead and...
(Bloomberg) -- ZoomInfo Technologies Inc., the business-intelligence platform, is set to raise about $935 million in a U.S. initial public offering, pricing its shares above a targeted range, according to people with knowledge of the matter.The Vancouver, Washington-based company on Wednesday is pricing 44.5 million shares at $21 each, said the people, who asked not to be identified because the information wasn’t public yet. The shares were marketed for $19 to $20 each, a range that had been increased from $16 to $18.A representative for ZoomInfo declined to comment.The listing is part of a global IPO surge that could raise a total of more than $6 billion this week, according to data compiled by Bloomberg. Warner Music Group Inc. shares jumped as much as 23% in its trading debut Wednesday after a $1.9 billion offering, the largest IPO in the U.S. this year.Three IPOs scheduled to price Thursday in the U.S....
(Bloomberg) -- The fight over who gets to fund J.C. Penney Co.’s bankruptcy is heating up.The U.S. retail giant filed for Chapter 11 protection last month with a $900 million financing package lined up from senior lenders including H/2 Capital Partners LLC and Silver Point Capital LP, according to a presentation at the time. Another set of lenders has lambasted the deal, calling the terms “predatory” in court documents and accusing the other group of strong-arming J.C. Penney.The firms opposing the loan, which includes GoldenTree Asset Management LP and Contrarian Capital Management LLC, are also existing lenders to J.C. Penney. They have offered a similarly structured, cheaper financing package that gives Plano, Texas-based J.C. Penney more discretion in bankruptcy, the group said. The retailer’s current loan proposal requires the company go through with an agreed-upon restructuring and gives lenders the ability to veto the plan, according to court papers.“This court and...
According to a note released by Keyblanc Capital Markets, both Uber and Lyft could see a spike in their profits as states begin to reopen, mainly due to people living in cities who choose to use the ride-sharing apps in lieu of taking public transportation. Yahoo Finance’s The Final Round panel discuss the details of the note’s longterm predictions....
