Warner Music Group Corp. — fact timeline

Warner Music Group Corp. reported the fiscal second quarter ended March 31, 2026 results: revenue $1,732, net income $181 million, EPS $0.35. Guidance reaffirmed.

“Ended March 31, 2025 % Change For the Six Months Ended March 31, 2026 For the Six Months Ended March 31, 2025 % Change (unaudited) (unaudited) (unaudited) (unaudited) Revenue $ 1,732 $ 1,484 17 % $ 3,572 $ 3,150 13 % Recorded Music revenue 1,380 1,175 17 % 2,860 2,520 13 % Music Publishing revenue 353 310 14 % 715 633 13 % Operating income 264 168 57 % 552 382”

Warner Music Group Corp. amended Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto valued at $350 million revolving credit facility and a $1.295 billion term loan A facility (effective 2026-03-11).

“On March 11, 2026, WMG Acquisition Corp. (“Acquisition Corp.”), a subsidiary of Warner Music Group Corp., entered into an amended and restated credit agreement (the “Credit Agreement”) among Acquisition Corp., as borrower, the guarantors party thereto, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and the other financial institutions and lenders from time to time party thereto.”

Warner Music Group Corp. incurred credit facility of $350 million revolving credit facility and $1.295 billion term loan A facility with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto at Borrowings bear interest at SOFR plus applicable margin (1.250% to 1.625% for Te maturing March 11, 2031.

“On March 11, 2026, WMG Acquisition Corp. (“Acquisition Corp.”), a subsidiary of Warner Music Group Corp., entered into an amended and restated credit agreement (the “Credit Agreement”) among Acquisition Corp., as borrower, the guarantors party thereto, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and the other financial institutions and lenders from time to time party thereto.”

Warner Music Group Corp. amended Master Operations and Economics Agreement with BCSS W JV Investments (B), L.P. valued at increase their respective initial equity commitment amount by $100 million each (effective 2026-02-04).

“On February 4, 2026, WMG BC Holdco LLC (“WMGCo”), a wholly-owned indirect subsidiary of the Company, entered into an amendment (the “Amendment”) to the Master Operations and Economics Agreement, dated as of June 29, 2025 (the “Master Operations and Economics Agreement”), by and among WMGCo, BCSS W JV Investments (B), L.P. (“BainCo”), a wholly-owned indirect subsidiary of Bain Capital Special Situations, LP, and certain affiliates of the foregoing parties.”

Warner Music Group Corp. incurred credit facility of up to $500 million with The Bank of New York Mellon at Term SOFR for the interest accrual period plus the applicable margin of 2.00%.

“reto (the “Conduit Lenders”), each of the financial institutions from time to time party thereto as committed lenders (the “Committed Lenders” and, together with the Conduit Lenders, the “Lenders”), the conduit managing agents from time to time party thereto, The Bank of New York Mellon, as administrative agent for the Lenders, and The Bank of New York Mellon, as collateral agent for the Secured Parties (as defined inthe Credit Agreement), entered into a Credit and Security Agreement (the “Credit Agreement”) pursuant to which the Lenders have agreed to extend up to $500 million in commitment amounts to the Borrowers, the proceeds of which will be used to acquire, or refinance the acquisition of, Music Products (as defined in the Credit Agreement) and related assets.”

Warner Music Group Corp. announced a restructuring with charges of approximately $200 million on a pre-tax basis or approximately $150 million on an after-tax basis.

“The Company expects to incur total non-recurring charges of approximately $200 million on a pre-tax basis or approximately $150 million on an after-tax basis.”

Bryan Castellani departed as Executive Vice President and Chief Financial Officer at Warner Music Group Corp..

“Bryan Castellani will step down as Executive Vice President and CFO, effective May 5, 2025.”

Armin Zerza was appointed as Executive Vice President and Chief Financial Officer at Warner Music Group Corp..

“pursuant to which he will be appointed Executive Vice President and Chief Financial Officer of the Company, effective May 5, 2025.”

Warner Music Group Corp. announced a impairment with charges of approximately $55 million of non-cash impairment charges affecting disposal or winding down of the O&O Media Properties.

“The now expected pre-tax charges include approximately $150 million of severance payments and other termination costs and $5 million of other non-cash charges, along with the unchanged amount of approximately $55 million of non-cash impairment charges primarily in connection with the disposal or winding down of the O&O Media Properties.”

Warner Music Group Corp. announced a restructuring with charges of approximately $210 million or approximately $135 million of total non-recurring after-tax charges affecting O&O Media Properties, Corporate and various support functions (approximately 750 or 13%).

“The Company now expects the Plan to generate pre-tax cost savings of approximately $260 million, a significant majority of which will be achieved by the end of fiscal year 2025, and for the Company to incur total non-recurring pre-tax charges of approximately $210 million or approximately $135 million of total non-recurring after-tax charges.”

Warner Music Group Corp. reported for the quarter ended March 31, 2024 results: revenue $1,494, net income $96 million. Guidance reaffirmed.

“Ended March 31, 2023 % Change For the Six Months Ended March 31, 2024 For the Six Months Ended March 31, 2023 % Change (unaudited) (unaudited) (unaudited) (unaudited) Revenue $ 1,494 $ 1,399 7 % $ 3,242 $ 2,887 12 % Recorded Music revenue 1,189 1,143 4 % 2,634 2,382 11 % Music Publishing revenue 306 257 19 % 610 507 20 % Operating income 119 124 -4 % 473 389”

Warner Music Group Corp. shareholders approved Approval of the compensation paid to the Company’s named executive officers at the 2024-03-05 meeting.

“Proposal 3: The Company’s stockholders voted to approve the compensation paid to the Company’s named executive officers.”

Warner Music Group Corp. shareholders approved Ratification of appointment of KPMG LLP as independent registered public accounting firm for fiscal year 2024 at the 2024-03-05 meeting.

“Proposal 2: The Company’s stockholders ratified the appointment of KPMG LLP as the Company’s independent registered public accounting firm for fiscal year 2024.”

Warner Music Group Corp. shareholders approved Election of eleven director nominees named in the 2024 Proxy Statement to serve for a one-year term ending at the 2025 Annual Meeting at the 2024-03-05 meeting.

“Proposal 1 : The Company’s stockholders elected the eleven director nominees named in the Company’s 2024 Proxy Statement to serve for a one-year term ending at the 2025 Annual Meeting of Stockholders.”

Warner Music Group Corp. reported the quarter ended December 31, 2023 results: revenue $1,748, net income $193 million.

“WMG Summary Results (dollars in millions) For the Three Months Ended December 31, 2023 For the Three Months Ended December 31, 2022 % Change (unaudited) (unaudited) Revenue $ 1,748 $ 1,488 17 % Recorded Music revenue 1,445 1,239 17 % Music Publishing revenue 304 250 22 % Operating income 354 265 34 % Adjusted OIBDA (1) 451 335 35 % Net income 193 124 56 %”

Warner Music Group Corp. announced a restructuring with charges of approximately $140 million of total non-recurring pre-tax charges or approximately $105 million of total after-tax charges affecting Recorded Music and Music Publishing businesses; non-core owned and operated media properties including in-house ad sales function (approximately 600 or 10%).

“600 or 10%, a majority of which will be related to the O&O Media Properties, Corporate and various support functions. The Plan is expected to result in approximately $140 million of total non-recurring pre-tax charges or approximately $105 million of total after-tax charges. The pre-tax charges include approximately $85 million in severance payments and”

Warner Music Group Corp. incurred term loan with JPMorgan Chase Bank, N.A., as administrative agent, and the other financial institutions and lenders at Term SOFR ... plus 2.00% per annum maturing January 24, 2031.

“The information contained in Item 1.01 concerning Acquisition Corp.’s direct financial obligations under the Senior Term Loan Credit Agreement Amendment is incorporated herein by reference.”

Warner Music Group Corp. amended Senior Term Loan Credit Agreement Amendment with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (effective 2024-01-24).

“On January 24, 2024, WMG Acquisition Corp. (“Acquisition Corp.”), a subsidiary of Warner Music Group Corp., entered into an amendment (the “Senior Term Loan Credit Agreement Amendment”) to the credit agreement, dated November 1, 2012”

Warner Music Group Corp. amended Revolving Credit Agreement Amendment with JPMorgan Chase Bank, N.A. valued at increases commitments from $300 million to $350 million; extends maturity to November 30, 2028 (effective 2023-11-30).

“On November 30, 2023, WMG Acquisition Corp. (“Acquisition Corp.”), a subsidiary of Warner Music Group Corp., entered into an amendment (the “Revolving Credit Agreement Amendment”) to the revolving credit agreement, dated January 31, 2018 (as amended by the amendments dated as of October 9, 2019, April 3, 2020, March 1, 2021 and March 23, 2023), among Acquisition Corp., the several banks and other financial institutions party thereto and Credit Suisse AG, Cayman Islands Branch, as predecessor administrative agent, governing Acquisition Corp.’s revolving credit facility (the “Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, and the other financial institutions and lenders from time to time party thereto.”

Warner Music Group Corp. reported the twelve months ended September 30, 2023 results: revenue $6,037, net income $439 million.

“For the Twelve Months Ended September 30, 2023 For the Twelve Months Ended September 30, 2022 % Change (unaudited) (unaudited) (audited) (audited) Revenue $ 1,586 $ 1,497 6 % $ 6,037 $ 5,919 2 % Recorded Music revenue 1,291 1,244 4 % 4,955 4,966 — % Music Publishing revenue 298 254 17 % 1,088 958 14 % Digital revenue 1,068 989 8 % 3,989 3,866 3 % Operating”

Warner Music Group Corp. reported the quarter ended September 30, 2023 results: revenue $1,586, net income $154 million.

“30, 2022 % Change For the Twelve Months Ended September 30, 2023 For the Twelve Months Ended September 30, 2022 % Change (unaudited) (unaudited) (audited) (audited) Revenue $ 1,586 $ 1,497 6 % $ 6,037 $ 5,919 2 % Recorded Music revenue 1,291 1,244 4 % 4,955 4,966 — % Music Publishing revenue 298 254 17 % 1,088 958 14 % Digital revenue 1,068 989 8 % 3,989”

Eric Levin departed as Chief Financial Officer at Warner Music Group Corp..

“On March 14, 2023, Warner Music Group Corp. (the “Company”) announced that it had begun planning for the succession of the Company’s Chief Financial Officer, Eric Levin.”

Bryan Castellani was appointed as Executive Vice President, Chief Financial Officer at Warner Music Group Corp..

“On September 19, 2023, the Company announced the appointment of Bryan Castellani as Executive Vice President, Chief Financial Officer (“CFO”), effective October 16, 2023.”

Warner Music Group Corp.: Adopted Fifth Amended and Restated Bylaws to address DGCL amendments and universal proxy rule (Rule 14a-19) (effective 2023-07-25).

“On July 25, 2023, the Board of Warner Music Group Corp. (the “Company”) adopted the Fifth Amended and Restated Bylaws of Warner Music Group Corp. (as amended and restated, the “Bylaws”), effective on such date, in order to address amendments to the Delaware General Corporation Law (the “DGCL”) and the adoption of Rule 14a-19 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), commonly referred to as the “universal proxy rule”.”

Warner Music Group Corp. incurred term loan of $150 million with JPMorgan Chase Bank, N.A., as increasing lender, and Credit Suisse AG, as administrative agent.

“pursuant to which Acquisition Corp. has borrowed additional Tranche G term loans in an amount equal to $150 million”

Warner Music Group Corp. entered into Third Increase Supplement with JPMorgan Chase Bank, N.A. valued at $150 million (effective 2023-06-30).

“On June 30, 2023, WMG Acquisition Corp. (“Acquisition Corp.”), a subsidiary of Warner Music Group Corp., entered into an increase supplement (the “Third Increase Supplement”), among Acquisition Corp., the guarantors party thereto, WMG Holdings Corp., JPMorgan Chase Bank, N.A., as increasing lender, and Credit Suisse AG, as administrative agent, to the senior term loan credit agreement”

Warner Music Group Corp. amended Senior Term Loan Credit Agreement Amendment with Credit Suisse AG, as administrative agent (effective 2023-05-10).

“On May 10, 2023, WMG Acquisition Corp. (“Acquisition Corp.”), a subsidiary of Warner Music Group Corp., entered into an amendment (the “Senior Term Loan Credit Agreement Amendment”) to the senior term loan credit agreement, dated November 1, 2012”

Warner Music Group Corp. reported the quarter ended March 31, 2023 results: net income $37 million.

“For the three months ended March 31, 2023 • Total revenue increased 2% or 5% in constant currency • Digital revenue increased 1% or 4% in constant currency • Net income was $37 million versus $92 million in the prior-year quarter”

Valentin Blavatnik was elected as Director at Warner Music Group Corp..

“Valentin Blavatnik, age 25, was elected to the Board in accordance with the Company’s certificate of incorporation, effective immediately, to fill the vacancy on the Board resulting from Alex Blavatnik’s resignation.”

Alex Blavatnik resigned as Director at Warner Music Group Corp..

“Alex Blavatnik resigned from the Board of Directors (the “Board”) of Warner Music Group Corp. (the “Company”) and all committees thereof, effective upon the appointment of his replacement.”

Warner Music Group Corp. announced a restructuring with charges of approximately $46 million on a pre-tax basis for severance payments and other related termination costs (approximately 270 people, or approximately 4% of the Company’s overall headcount).

“The Company expects to incur total non-recurring restructuring charges in this quarter of approximately $46 million on a pre-tax basis for severance payments and other related termination costs.”

Warner Music Group Corp. amended Revolving Credit Agreement Amendment with Credit Suisse AG, as administrative agent, and the other financial institutions and lenders party thereto valued at The Revolving Credit Agreement Amendment provides for the replacement of LIBOR-based rates with a SO (effective 2023-03-23).

“Revolving Credit Agreement Amendment On March 23, 2023, WMG Acquisition Corp. (“Acquisition Corp.”), a subsidiary of Warner Music Group Corp., entered into an amendment (the “Revolving Credit Agreement Amendment”) to the revolving credit agreement, dated January 31, 2018 (as amended by the amendments dated as of October 9, 2019, April 3, 2020 and March 1, 2021), among Acquisition Corp., the several banks and other financial institutions party thereto and Credit Suisse AG, as administrative agent, governing Acquisition Corp.’s revolving credit facility with Credit Suisse AG, as administrative agent, and the other financial institutions and lenders from time to time party thereto. The Revolving Credit Agreement Amendment provides for the replacement of LIBOR-based rates with a SOFR-based rate and other rates for alternate currencies, such as EURIBOR and SONIA. The foregoing description does not purport to be complete and is qualified in its entirety by reference to the Revolving Credit A”

Warner Music Group Corp. shareholders approved Ratification of the appointment of KPMG LLP as the Company's independent registered public accounting firm for fiscal year 2023. at the 2023-02-28 meeting.

“Proposal 2: The Company’s stockholders ratified the appointment of KPMG LLP as the Company’s independent registered public accounting firm for fiscal year 2023. The voting results are set forth below: For Against Abstain Broker Non-Vote 7,647,949,186 1,519,584 1,364,722 None.”

Warner Music Group Corp. shareholders approved Election of the eleven director nominees named in the Company's 2023 Proxy Statement to serve for a one-year term ending at the 2024 Annual Meeting of Stockholders. at the 2023-02-28 meeting.

“Proposal 1 : The Company’s stockholders elected the eleven director nominees named in the Company’s 2023 Proxy Statement to serve for a one-year term ending at the 2024 Annual Meeting of Stockholders. The voting results are set forth below: Director Nominee For Against Abstain Broker Non-Vote Robert Kyncl 7,628,855,143 1,141,279 1,378,560 19,458,510”

Warner Music Group Corp. reported three months ended December 31, 2022 results: revenue $1,488, net income $124 million.

“WMG Summary Results (dollars in millions) For the Three Months Ended December 31, 2022 For the Three Months Ended December 31, 2021 % Change (unaudited) (unaudited) Revenue $ 1,488 $ 1,614 -8 % Recorded Music revenue 1,239 1,386 -11 % Music Publishing revenue 250 229 9 % Digital revenue 952 1,002 -5 % Operating income 265 239 11 % Adjusted operating income”

Warner Music Group Corp. reported the twelve months ended September 30, 2022 results: revenue $ 5,919, net income $555 million.

“For the Twelve Months Ended September 30, 2022 For the Twelve Months Ended September 30, 2021 % Change (unaudited) (unaudited) (audited) (audited) Revenue $ 1,497 $ 1,376 9 % $ 5,919 $ 5,301 12 % Recorded Music revenue 1,244 1,172 6 % 4,966 4,544 9 % Music Publishing revenue 254 205 24 % 958 761 26 % Digital revenue 989 926 7 % 3,866 3,539 9 % Operating income”

Warner Music Group Corp. reported the three months ended September 30, 2022 results: revenue $ 1,497, net income $150 million.

“30, 2021 % Change For the Twelve Months Ended September 30, 2022 For the Twelve Months Ended September 30, 2021 % Change (unaudited) (unaudited) (audited) (audited) Revenue $ 1,497 $ 1,376 9 % $ 5,919 $ 5,301 12 % Recorded Music revenue 1,244 1,172 6 % 4,966 4,544 9 % Music Publishing revenue 254 205 24 % 958 761 26 % Digital revenue 989 926 7 % 3,866 3,539”

Stephen Cooper departed as Chief Executive Officer at Warner Music Group Corp..

“On January 31, 2023, Mr. Cooper will retire from the Company and resign from the Board.”

Robert Kyncl was appointed as Chief Executive Officer at Warner Music Group Corp..

“On September 21, 2022, the Company’s Board of Directors (the “Board”) announced that Mr. Robert Kyncl has been appointed to succeed Mr. Cooper as CEO and a director of the Company.”

Stephen Cooper departed as Chief Executive Officer at Warner Music Group Corp..

“the Company announced that it has begun planning for the succession of the Company’s Chief Executive Officer (“CEO”) and director, Stephen Cooper. The Company expects the transition to happen by the end of 2023.”

Louis Dickler changed role as Senior Vice President & Corporate Controller at Warner Music Group Corp..

“Mr. Dickler will resume his role of Senior Vice President & Corporate Controller of the Company, effective as of the date of Mr. Levin’s return.”

Eric Levin changed role as Executive Vice President and Chief Financial Officer at Warner Music Group Corp..

“Mr. Levin will resume his role as Executive Vice President and Chief Financial Officer of the Company on or about February 15, 2022.”

Louis Dickler was appointed as Acting Chief Financial Officer at Warner Music Group Corp..

“the Company’s Board of Directors appointed Senior Vice President & Corporate Controller, Louis Dickler, to serve as the Company’s Acting Chief Financial Officer, effective November 11, 2021.”

Eric Levin changed role as Executive Vice President and Chief Financial Officer at Warner Music Group Corp..

“Eric Levin, the Executive Vice President and Chief Financial Officer of Warner Music Group Corp. (the “Company”), has begun a paid medical leave of absence from the Company.”

Nancy Dubuc was elected as Director at Warner Music Group Corp..

“Also on July 13, 2021, Nancy Dubuc was elected to the Board in accordance with the Company’s certificate of incorporation, effective immediately, to fill the vacancy on the Board resulting from Mr. Lee’s resignation.”

Thomas H. Lee resigned as Director at Warner Music Group Corp..

“On July 13, 2021, Thomas H. Lee resigned from the Board of Directors (the “Board”) of Warner Music Group Corp. (the “Company”) and all committees thereof, effective upon the appointment of his replacement.”