Benzinga | Sep 22, 2021 10:27AM EDT

Access Industries Offloads Warner Music Shares Worth $103M At Discount

* Warner Music Group Corp (NASDAQ:WMG) priced 2.34 million shares sold by Access Industries, LLC affiliates at $44 per share for $102.96 million in a secondary public offering.

* The offer price implies a 2.2% discount to Warner's September 21 closing price of $45.

* Warner is not selling any shares in the offering and will not receive any of the proceeds.

* The stock gained 18.5% year-to-date.

* Price Action: WMG shares traded lower by 2.80% at $43.74 in the market session on the last check Wednesday.