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WMG announces $100m social justice fund, IPO price

The fund, co-financed by Warner Music Group and owner Len Blavatnik's family foundation, will donate to causes supporting “equality, opportunity, diversity and inclusion”

By IQ on 03 Jun 2020

WMG building, San Diego

image © John Joh/star5112 (CC BY-SA 2.0)

Following Black Out Tuesday yesterday, Warner Music Group (WMG) has announced a US$100 million fund to support charitable causes “related to the music industry, social justice and campaigns against violence and racism”.

The fund – jointly financed by WMG and the Blavatnik Family Foundation, the charitable foundation run by WMG vice-chairman Sir Leonard Blavatnik, whose Access Industries is the group’s majority owner – will support individuals and “organisations strengthening education, and promoting equality, opportunity, diversity and inclusion” in the music industry, according to WMG.

Along with the other two major labels, Universal Music and Sony Music, and all major live music industry companies, Warner Music was supporter of #TheShowMustBePaused initiative, which saw the music business come to a halt for on 2 June in solidarity with those protesting for racial justice.

Steve Cooper, CEO of Warner Music Group, says: “This fund will support the extraordinary, dedicated organisations that are on the front lines of the fight against racism and injustice, and that help those in need across the music industry.

“This fund will support the extraordinary, dedicated organisations that are on the front lines of the fight against racism and injustice”

“Our advisory panel, which will draw from a diverse cross-section of people from our team and the wider community, will help us be very thoughtful and accountable in how we make an impact. We’re determined to contribute, on a sustained long-term basis, to the effort to bring about real change.”

Today (3 June) also sees WMG’s return to the stock market after nine years, with a previously announced flotation (IPO) on New York’s Nasdaq set to raise nearly $2 billion from the sale of 77m shares for $25 apiece. Blavatnik purchased WMG for $3.3bn in 2011.

In addition to its labels and publishing arm, WMG has multiple live music interests, including concert discovery platform Songkick, Finnish promoter Warner Music Live and management company Umbrella Artists Productions, which it owns with German promoter FKP Scorpio.

 


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