Needham & Company Downgrades Warner Music Group (WMG) to Hold on Acquisition

Needham & Company downgraded Warner Music Group (NYSE: WMG) from Buy to Hold.

Needham analyst says, "We are downgrading our rating on WMG based on the fact that Access Industries will acquire WMG in an allcash transaction valued at $3.3B ($8.25 per share). We do not expect a higher bid to emerge. WMG’s Board has already approved this transaction."

For more ratings news on Warner Music Group click here and for the rating history of Warner Music Group click here.

Shares of Warner Music Group closed at $8.20 yesterday, with a 52 week range of $4.00-$8.24.

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Create E-mail Alert Related Categories

Downgrades, Mergers and Acquisitions

Related Entities

Needham & Company, Warner Music Group/Access Industries

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