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Tencent Holdings in talks to invest $200 million in Warner Music: Report

Warner Music is also working to line up institutions that, along with Tencent, would serve as anchor investors contributing a total of more than $1 billion toward a fundraising goal

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A sign of Tencent is seen during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China. (Photo: Reuters)

Agencies New York

1 min read Last Updated : May 30 2020 | 2:54 PM IST

Chinese internet giant Tencent Holdings Ltd is in talks to invest $200 million (162.5 million pounds) in Warner Music Group, ahead of the record company's slated initial public offering next week, a media report said on Friday.

Warner Music is also working to line up institutions that, along with Tencent, would serve as anchor investors contributing a total of more than $1 billion toward a fundraising goal of as much as $1.8 billion, Reuters reported citing the Wall Street Journal.

The listing by the world's third-largest recording label, home to artists such as Cardi B, Ed Sheeran and Bruno Mars, could potentially be the largest New York IPO so far in 2020.

ALSO READ: Tencent raises $6 billion in largest debt deal by Asian corporate in 2020

Warner Music in March had delayed its IPO as the Covid-19 pandemic rocked capital markets and slammed the brakes on many listings.

The company is expected to price its IPO on June 2 with the stock then debuting on Nasdaq the following day under the symbol "WMG".

Tencent was not immediately available for comment, while Warner Music declined to comment.

Topics : Tencent Holdings initial public offerings