China’s Tencent Music reports passive stake in Warner Music

Business

FILE PHOTO: Tencent Music Entertainment celebrates the company’s IPO at the New York Stock Exchange (NYSE) in New York, U.S., December 12, 2018. REUTERS/Bryan R Smith/File Photo

(Reuters) – China’s Tencent Music Entertainment Group on Friday reported a 5.2% 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.

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.

Reporting by Akanksha Rana in Bengaluru; Editing by Maju Samuel

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