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Warner Music's Stock Offering Previews a Hot New Sound for Industry: Cha-ching!?
On June 3, Warner Music Group went public in the year's biggest stock offering, and its share price rose 39% over the next two days. The company itself didn't raise any money — the shares were sold by Len Blavatnik's conglomerate, Access Industries — but it's now worth $18.3 billion based on its $31.05 per share closing price on June 10. After selling $1.86 billion in stock and adding dividends and management fees, Access has taken out $