(CelebrityAccess) – Warner Music Group and the Blavatnik Family Foundation have announced a new $100 million fund aimed at supporting “charitable causes related to the music industry, social justice and campaigns against violence and racism”.
The announcement arrives just over a week after the tragic killing of George Floyd, a 46-year-old black man, at the hands of a white police officer in Minneapolis last week, and one day after the music industry at large participated in #BlackOutTuesday as a show of solidarity with the Black community in the ongoing fight to end systemic racism.
“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,” explained 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.”
According to WMG, the advisory panel, which will be responsible for determining the amount of financial aid and timing of its disbursement, will also establish procedures to identify and support those in the music community alongside organizations that are working to strengthen education and promote equality, opportunity, diversity and inclusion.
The Blavatnik Family Foundation is exclusively self-funded by Len Blavatnik, a majority owner and the founder and chairman of Access Industries, a privately-held industrial group based in the US. Access is the majority owner of Warner Music Group, which is expected to go public on the Nasdaq today (June 3).