Warner Music Group and the Blavatnik Family Foundation have announced the launch of a $100 million fund focused on supporting charitable causes related to the music industry, social justice efforts, and campaigns against violence and racism.
The fund will support individuals in the music community and nonprofit organizations working to strengthen education and promote equality, opportunity, diversity, and inclusion. An advisory panel to be appointed by both organizations will establish priorities and procedures for the fund and will determine the amount and timing of financial awards. The Blavatnik Family Foundation is self-funded by American-British industrialist and philanthropist Len Blavatnik, founder and chairman of Access Industries, which owns Warner Music.
According to the Wall Street Journal, Warner Music recently filed documents to sell shares to the public amid a streaming-fueled resurgence of the music industry and was valued at nearly $2 billion, which would make it the largest IPO of the year.
"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 Warner Music Group CEO Steve Cooper. "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."
(Photo credit: Gettyimages/Yurialbarra)