Warner Music was last night forced to slash the amount raised from its initial public offering by 26% to $554m (€430m)amid continued uncertainty in the US music business. The private equity owners withdrew from selling their shares.
Joint global co-ordinators Goldman Sachs and Morgan Stanley and joint bookrunners Deutsche Bank and Lehman Brothers sold 32.5 million shares at $17 each, down from an original range $22 to $24.
