After Warner Music and TikTok announced a multi-year, multi-product deal that licenses Warner content across TikTok platforms, Truist called the deal “directionally positive” as the firm had nothing in its model for a TikTok renewal, though added that it has “no insight yet into the underlying economics of the new deal.” The firm, which expects this to be “topic #1 on WMG earnings” on August 8, keeps a Buy rating and $32 price target on Warner Music shares.
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Read More on WMG:
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