Access Industries Offloads Stake In Warner Music Via Equity Offering At 4.5% Discount

• Warner Music Group Corp (NASDAQ:WMG) priced 8.6 million shares by Access Industries, LLC affiliates at $41 per share in a secondary public offering.
• The offer price implies a 4.5% discount to Warner Music Group's January 3 closing price of $42.95.
• The estimated gross proceeds are $351.1 million.
• Warner Music Group is not selling any shares of common stock in the offering and will not receive any proceeds.
• Price Action: WMG shares traded lower by 3.96% at $41.25 in the premarket session on the last check Tuesday.