June 12, 2020 / 3:14 PM / 25 days ago

China's Tencent Music reports passive stake in Warner Music

FILE PHOTO: People visit Tencent's booth at the World 5G Exhibition in Beijing, China, Nov. 22, 2019. REUTERS/Jason Lee/File Photo

(Reuters) - China’s Tencent Music Entertainment Group (TME.N) on Friday reported a 5.2% passive stake in Class A shares of Warner Music Group Corp WMG.O, about a week after the world’s third-largest recording label’s debut on the Nasdaq.

Tencent Music is controlled by Chinese tech giant Tencent Holdings Ltd (0700.HK).

The listing by Warner, home to artists including Cardi B, Ed Sheeran and Bruno Mars, was the biggest in the United States so far in 2020.

The company in March had delayed its initial public offering, as the COVID-19 pandemic rocked capital markets and slammed the brakes on many listings.

(This story corrects to say Tencent Music disclosed a 5.2% stake in Class A common shares of Warner Music, not outstanding shares, in paragraph 1)

Reporting by Akanksha Rana in Bengaluru; Editing by Maju Samuel

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