Access will maintain its majority stake and collect proceeds from the sale. Warner had initially announced IPO plans in February before postponing them over the coronavirus pandemic, still considered a risk factor to the company's business. The infection's spread dealt the music industry a major blow especially to live performances, with a Goldman Sachs report projecting a 25 percent drop in global revenue though forecasting a brighter outlook for 2021. The impending deal also coincides with Tuesday's music industry solidarity work stoppage protest over the anti-racism protests gripping the United States. According to a New York Times report, Warner executives have told employees to participate in the blackout day — but the IPO will go on. Warner owns and operates some of the globe's most successful labels, including Atlantic Records, Elektra Records, Warner Records and Parlophone. It also owns the globe's major music publisher Warner Chappell Music.