Warner Music Group announced Tuesday that it has sold its entire stake in streaming company Spotify. The deal netted WMG $504 million, according to Variety. The company had earlier announced the sale of 75 percent of its Spotify equity.
One of the “big three” record label has maintained the Spotify purchases from the IPO. Sony Music recently sold 50 percent of its Spotify stake for around $750 million, while Universal Music Group maintains its shares.
As a result of the sale, WMG will credit $126 million to artist accounts for their June 30 royalty payments.
Warner Music Group is now privately owned by Access Industries, and while it was formerly part of Time Warner, the music company was split off from it long before Time Warner’s recent acquisition by AT&T.
