Warner Music Group Corp. (WMG) has announced a first quarterly dividend since the company became publicly traded this June. Shareholders of the music entertainment company will receive a quarterly payment of 12 cents per share.

The first ever dividend of $0.12 per share is payable on September 1, 2020, to stockholders of record as of the close of business on August 25, 2020. Based on an annualized dividend rate of 48 cents per share and a stock price of $30 for Warner Music Group the estimated dividend yield is 1.6%.

Warner Music Group Corp. became publicly traded on June 3, 2020, offering 77,000,000 shares of its Class A common stock at a public offering price of $25.00 per share. At a stock price of $30 per share the company has a market cap of $15.6 billion. The annual dividend payment to shareholders will by approximately $245 million.

Other companies initiating a dividend in the United States this year are Carrier Global and Otis, both separated from the company formerly known as United Technologies (now Raytheon Technologies). Another company that went public this year and subsequently announced a maiden dividend is Reynolds Consumer Products. Earlier this month Reynolds actually announced a first dividend hike.

Warner Music Group (WMG) is a music entertainment company. WMG operates in more than 70 countries through a network of affiliates and licensees. The company’s Recorded Music division includes the labels Asylum, Atlantic, Big Beat, Canvasback, Elektra, Erato, First Night, Fueled by Ramen, Nonesuch, Parlophone, Reprise, Rhino, Roadrunner, Sire, Spinnin’, Warner Records, Warner Classics and Warner Music Nashville. WMG’s music publishing arm, Warner Chappell Music, has a catalog of more than 1.4 million musical compositions. Warner Music Group is also home to ADA, the independent artist and label services company, as well as consumer brands such as Songkick the live music app, EMP the merchandise e-tailer, and UPROXX the youth culture destination. Warner Music became publicly traded in June 2020 and initiated a dividend in August 2020.