Shares to be set at $22-$24.
Warner Music Group has set a price range of $22-$24 for its upcoming initial public offering.
The company says in a filing with the SEC that it intends to offer 27.17 million shares to the public. In addition, WMG's private equity investors -- Thomas H. Lee Partners, Bain Capital, Providence Equity Partners and Edgar Bronfman Jr.'s Music Capital Partners -- are selling 5.43 million of its shares in the company. If priced at the high end of the IPO range, the investor group stands to collect $130 million from its part of the sale.
Warner expects to use $574 million of the net proceeds to pay down debt and other obligations.
The company also says it is in talks to buy Time Warner out of an option to re-acquire a stake in WMG within three years. WMG estimates the cost of such a deal would total $150 million.
The stock will trade on the New York Stock Exchange under the symbol "WMG."