Streets Is Watching: WMG Shares Boom 27%...
Guess the Street loves a juicy 'for sale' sign, especially when Goldman is pulling the strings. In early morning trading on Friday, shares of Warner Music Group (WMG) boomed past 25 percent, and ultimately finished up 27.33 percent to $6.01.
Late Thursday, word leaked on a possible purchase by Kohlberg Kravis Roberts (KKR), though apparently other suitors are knocking. Either way, the potential buy screams 'buy' to traders, who all want an easy, overnight payout.
Separately, something else is happening in France, where WMG chairman Edgar Bronfman has been handed a hefty fine for illegal insider trading. This goes back to a 'past life' involving Vivendi, and a Paris court has now saddled Bronfman with a 5 million euro ($6.7 million) bill. Of course, Bronfman is planning to appeal, though this seems like a separate stage of drama.
More ahead.
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