Shares in Warner Music Group Corp. dropped in after-market trading after gaining more than 20 percent Wednesday when the New York Post reported that the business may be bought by its majority owners and taken private.
Thomas H. Lee Partners LP, Bain Capital LLC and Providence Equity Partners Inc. hold a 62 percent stake in the world’s third-largest record label and according to the Post, the investment firms may move to take the New York-based company private.
Warner did not comment on the issue.
Shares in Warner music closed up $2.11, or 21 percent, but dropped 82 cents, or 6.9 percent, to $11.18 in after-hours trading Wednesday on the New York Stock Exchange.
