Warner Music Group and the Blavatnik Family Foundation have created a $100 million fund to support charitable causes related to the music industry, social justice and campaigns against violence and racism.
An advisory panel made up of appointees from Warner Music Group and the Blavatnik Family Foundation will establish procedures to identify and support those in the music community, and organizations strengthening education, and promoting equality, opportunity, diversity and inclusion.
“This fund will support the extraordinary, dedicated organizations that are on the front lines of the fight against racism and injustice, and that help those in need across the music industry,” said Steve Cooper, CEO, Warner Music Group. “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.”
Warner Music Group Corp. also announced the pricing of its initial public offering of 77,000,000 shares of its Class A common stock, at a public offering price of $25.00 per share. The size of the IPO was increased from the previously-announced 70,000,000 shares. The offering consists entirely of secondary shares to be sold by Access Industries, LLC and certain related selling stockholders. The company will not receive any proceeds from the offering. The shares of Class A common stock are trading beginning today (June 3) on The Nasdaq Stock Market under the ticker symbol “WMG”. The underwriters will have a 30-day option to purchase up to an additional 11,550,000 shares of Class A common stock from the selling stockholders.
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