Universal Music, the world’s biggest record company and home to artists such as Taylor Swift and the Beatles, has unveiled plans to list on the stock market in the coming years.
The label, which is owned by French media giant Vivendi, is currently valued at around €30bn (£25bn) following the sale of a 10% stake to Chinese conglomerate Tencent for (£2.5bn) in December.
Vivendi said in its annual results that the IPO was planned for “early 2023 at the latest” and that eight banks had been mandated to assist in the float.
For the year ended 31 December 2019, Universal Music reported revenues of €7.16bn (£5.97bn), up 18.9% year-on-year, and underlying (EBITDA) earnings that were 24.6% higher at €1.1bn (£917mln).
Universal Music will be following the lead of its smaller rival, which said last week that it intended to return to the stock market nine years after it was acquired by billionaire Len Blavatnik for US$3.3bn (£2.5bn).
The label is home to Ed Sheeran, Cardi B and Bruno Mars and posted a profit of US$256mln (£197mln) last year.