Trading expected to begin Wednesday.

Just hours ahead of the expected pricing of its initial public offering, Warner Music Group is reportedly trimming the price of the deal. Additionally, its investors are said to be scrapping plans to sell some of their own shares in the company as part of the offering.

WMG is now expected to offer 27.2 million shares at a range of $19 to $20 a share, according to published reports. It was initially targeting a float of 32.6 million at $22 to $24 a share. The number of shares the company is offering is unchanged.

However, WMG's private equity investors—Thomas H. Lee Partners, Bain Capital, Providence Equity Partners and Edgar Bronfman Jr.'s Music Capital Partners—have reportedly scuttled the sale of an additional 5.43 million shares they controlled.
That sale was poised to deliver a $130 million payday to the investor consortium.

WMG’s investors have come under heavy criticism in the last week after Linkin Park, one of the label’s leading acts, blasted the company and its financial backers for slashing $250 million in costs while profiting from the IPO.

Meanwhile, a pair of research notes from Sanford C. Bernstein’s Michael Nathanson and Fulcrum Equity Global Partners’ Richard Greenfield have panned the deal as being priced too high.

The stock is expected to begin trading Wednesday under the symbol "WMG."

Shares in EMI fell 3.4% on Tuesday to 235 pence ahead of the Warner IPO.