NEW YORK (
Warner Music Group
shares spiked about 25% this morning following reports that
In recent months, several suitors, including buyout firm
Kohlberg Kravis Roberts
, have approached Warner Music about buying the major record company, the
New York Times
reports, citing an executive familiar with the matter.
The decision to hire Goldman came after Warner Music chairman and CEO Edgar Bronfman Jr. brought the offer to the board. An offering document is expected in coming weeks.
The company's shares spiked to $6 in early morning trading and are currently up about 25% to above $5.90. More than 537,000 shares have traded hands today compared with the stock's 3-moth daily average volume of 272,000.
-- Written by Theresa McCabe in Boston.
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