Sony Music Group launches $100million social justice fund

A lot of things have happened in recent months that we couldn’t have predicted at the beginning of the year. Whether the COVID-19 pandemic itself should be included on that list is debatable.

Variety Staff Follow Us on TwitterSaban Music Group (SMG), the music company bearing the name of entertainment mogul Haim Saban, has entered into a global administration deal with Universal Music Publishing Group (UMPG), the companies announced today.Running SMG since its July 2019 launch is Gustavo Lopez, himself a Universal Music Group veteran.

Haim Saban, chairman and CEO of Saban Capital Group LLC and spearheaded by CEO Latin music industry veteran Gustavo Lopez."I am thrilled about this new venture. Innovation requires collaboration, and this partnership amplifies our chances for success on a global scale," Saban said about the announcement.Added Jody Gerson, chairman and CEO of UMPG:"We are excited to be partnering with Haim Saban and Gustavo Lopez and Saban Music to create opportunities for their artists and songwriters.

Warner Music Group is trading old debt for new debt with a better interest rate and later due date. The music company is conducting a private offering for $535 million of senior secured notes due in 2030 that it expects to close June 29, it was announced Tuesday (June 16).

Naman Ramachandran Universal Music Group (UMG) has expanded its Middle East and North Africa operations by launching new divisions in Morocco and Israel.Universal Music Morocco will operate from Casablanca, led by business development executive Serena Safieddine, who will work alongside UMG’s regional headquarters in Dubai, and report into Patrick Boulos, CEO of Universal Music MENA.The Morocco team will develop projects with Universal Music France, where labels have previously achieved success

Naman Ramachandran Universal Music Group (UMG) has expanded its Middle East and North Africa operations by launching new divisions in Morocco and Israel.Universal Music Morocco will operate from Casablanca, led by business development executive Serena Safieddine, who will work alongside UMG’s regional headquarters in Dubai, and report into Patrick Boulos, CEO of Universal Music MENA.The Morocco team will develop projects with Universal Music France, where labels have previously achieved success

George Floyd's killing on May 25 and the protests that followed, Universal Music Group, Sony Music Entertainment and Warner Music Group all launched multimillion-dollar initiatives to fight racism and support social justice, with pledges to curb bias endured by black artists, executives and staffers. It’s not the first time the business has tried to tackle these problems.

The Atlas Music Group has cut a global administration and marketing deal with Memory Lane Music Group, a music publishing company named after the song co-written in 1924 by company founder Larry Spier Sr.

Pulse Music Group president and head of creative Maria Egan is departing the publisher to pursue a new opportunity, the company officially announced Monday (June 8). Her replacement will be Ashley Calhoun, who has been promoted to senior vp/head of creative. “I have enjoyed an amazing seven years at PULSE and I’m so proud of the world-class roster and team that we b

Variety Staff Follow Us on TwitterPulse Music Group has promoted Ashley Calhoun to senior vice president and head of creative. Calhoun was previously vp of A&R.

Variety Staff Follow Us on TwitterFor more than 20 years, the Latin Alternative Music Conference has been an incubator for new sounds of all genres, and has helped power the careers of countless executives and artists from all over the world, ranging from Natalia Lafourcade and Café Tacuba to Manu Chao and the Nortec Collective.Like most conferences, LAMC has been moved online this year, but its lineup is as strong as ever, with executives like Rosalia manager Rebeca Leon and Sony/ATV Latin

Warner Music Group (WMG) bosses have set aside $100 million (£79 million) to help combat racism in the music industry.Company officials launched the fund for charitable causes “related to the music industry, social justice and campaigns against violence and racism,” following calls from stars including The Weeknd to take action amid ongoing protests against racial injustice across the U.S.The fund, which has been established in collaboration with the Blavatnik Family Foundation – the charitable

Rob Stringer in a statement. “We stand against discrimination everywhere and we will take action accordingly with our community fully involved in effectively using these funds.”Sony Music earlier revealed it would be matching employee donations to several social justice charities worldwide during the month of June, including the ACLU, Black Lives Matter, the NAACP, the Minnesota Freedom Fund, The Innocence Project and Unicorn Riot.

Jem Aswad Senior Music EditorSony Music Group has announced the launch of a $100 million fund to support social justice and anti-racist initiatives around the world.

Over the weekend, Universal Music Group chairman and CEO Lucian Grainge announced the company would convene a social justice task force in the wake of nationwide protests prompted by the May 25 killing of George Floyd.

By Variety Staff

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

Shares in the Warner Music Group were up 20.5% on the NASDAQ stock exchange at the close of trading Wednesday (June 3), its first day on the market as a public company under Len Blavatnik’s Access Industries. After being priced at $25 this morning, in line with its projected $23-$26 IPO price, and opening at $27, it finished the day at $30.12, according to MarketWatch, for a market capitalization of $15.36 billion and an enterprise valuation of $17.85 billion, when debt is included.

Lily Allen has accused Warner Music Group (WMG) executives of double standards due to their support of the Blackout Tuesday campaign.

Warner Music Group has set its initial public offering (IPO) price at $25 per share. The size of the IPO has been increased from 70 million shares to 77 million shares.