Warner Music Group Corp 10-Q for FY2025 Q2

Warner Music Group Corp. (WMG)

10-Q 2025-05-08 For: 2025-03-31

Added on April 10, 2026

About this 10-Q

Warner Music Group Corp filed this 10-Q on May 8, 2025, covering the quarter ended March 31, 2025 (FY2025 Q2).

Headline figures

Quarter ended March 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.48B; down 0.7% from $1.49B a year earlier
Net income: $36M; down 62.5% from net income of $96M a year earlier

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		Page Number
Part I.	Financial Information
Item 1.	Financial Statements (Unaudited)	1
	Condensed Consolidated Balance Sheets as of March 31, 202 5 and September 30, 2024	1
	Condensed Consolidated Statements of Operations for the Three and Six Months Ended March 31, 2025 and March 31, 2024	2
	Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended March 31, 2025 and March 31, 2024	3
	Condensed Consolidated Statements of Cash Flows for the Three and Six Months Ended March 31, 2025 and March 31, 2024	4
	Condensed Consolidated Statements of Equity for the Three and Six Months Ended March 31, 2025 and March 31, 2024	5
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	49
Item 4.	Controls and Procedures	50
Part II.	Other Information
Item 1.	Legal Proceedings	52
Item 1A.	Risk Factors	52
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 3.	Defaults Upon Senior Securities	52
Item 4.	Mine Safety Disclosures	52
Item 5.	Other Information	52
Item 6.	Exhibits	54
Signatures		55


	March 31, 2025		September 30, 2024
Assets
Current assets:
Cash and equivalents	$	637	$	694
Accounts receivable, net of allowances of $23 million and $26 million	1,218		1,255
Inventories	88		99
Royalty advances expected to be recouped within one year	509		470
Prepaid and other current assets	147		125
Total current assets	2,599		2,643
Royalty advances expected to be recouped after one year	945		874
Property, plant and equipment, net of accumulated depreciation of $665 million and $615 million	503		481
Operating lease right-of-use assets, net	217		225
Goodwill	2,031		2,021
Intangible assets subject to amortization, net	2,764		2,359
Intangible assets not subject to amortization	151		152
Deferred tax assets, net	41		52
Other assets	317		348
Total assets	$	9,568	$	9,155
Liabilities and Equity
Current liabilities:
Accounts payable	$	347	$	289
Accrued royalties	2,600		2,549
Accrued liabilities	475		641
Accrued interest	35		17
Operating lease liabilities, current	47		45
Deferred revenue	319		246
Other current liabilities	93		110
Total current liabilities	3,916		3,897
Acquisition Corp. long-term debt	3,990		4,014
Asset-based long-term debt	302		—
Operating lease liabilities, noncurrent	216		228
Deferred tax liabilities, net	214		195
Other noncurrent liabilities	140		146
Total liabilities	$	8,778	$	8,480
Equity:
Class A common stock, $0.001 par value; 1,000,000 shares authorized, 145,032 and 142,559 shares issued and outstanding as of March 31, 2025 and September 30, 2024, respectively	$	—	$	—
Class B common stock, $0.001 par value; 1,000,000 shares authorized, 375,380 issued and outstanding as of March 31, 2025 and September 30, 2024, respectively	1		1
Additional paid-in capital	2,088		2,077
Accumulated deficit	(1,230)		(1,313)
Accumulated other comprehensive loss, net	(292)		(247)
Total Warner Music Group Corp. equity	567		518
Noncontrolling interest	223		157
Total equity	790		675
Total liabilities and equity	$	9,568	$	9,155


	Three Months Ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
Revenue	$	1,484	$	1,494	$	3,150	$	3,242
Costs and expenses:
Cost of revenue	(791)		(791)		(1,685)		(1,671)
Selling, general and administrative expenses (a)	(450)		(446)		(924)		(922)
Restructuring and impairments	(13)		(95)		(40)		(95)
Amortization expense	(62)		(57)		(119)		(112)
Total costs and expenses	(1,316)		(1,389)		(2,768)		(2,800)
Net gain on divestitures	—		14		—		31
Operating income	168		119		382		473

Interest expense, net	(39)		(42)		(76)		(81)
Other (expense) income	(64)		37		89		(13)
Income before income taxes	65		114		395		379
Income tax expense	(29)		(18)		(118)		(90)
Net income	36		96		277		289
Less: Income attributable to noncontrolling interest	—		—		(5)		(34)
Net income attributable to Warner Music Group Corp.	$	36	$	96	$	272	$	255

Net income per share attributable to common stockholders:
Class A – Basic and Diluted	$	0.07	$	0.18	$	0.52	$	0.49
Class B – Basic and Diluted	$	0.07	$	0.18	$	0.52	$	0.49
Weighted average common shares:
Class A – Basic and Diluted	144,938		141,044		143,995		140,013
Class B – Basic and Diluted	375,380		376,800		375,380		377,145

(a) Includes depreciation expense:	$	(28)	$	(26)	$	(57)	$	(52)


	Three Months Ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
Net income	$	36	$	96	$	277	$	289
Other comprehensive income (loss), net of tax:
Foreign currency adjustment	84		(41)		(45)		23
Deferred (loss) gain on derivative financial instruments	—		—		—		(1)
Minimum pension liability	—		—		—		(1)
Other comprehensive income (loss), net of tax	84		(41)		(45)		21
Total comprehensive income	120		55		232		310
Less: Income attributable to noncontrolling interest	—		—		(5)		(34)
Comprehensive income attributable to Warner Music Group Corp.	$	120	$	55	$	227	$	276


	Six Months Ended March 31,
	2025		2024
Cash flows from operating activities
Net income	$	277	$	289
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	176		164
Unrealized (gains) losses and remeasurement of foreign-denominated loans and foreign currency forward exchange contracts	(40)		18
Deferred income taxes	24		16

Net loss (gain) on investments	(27)		(5)
Net loss (gain) on divestitures	—		(31)
Non-cash interest expense	3		2
Non-cash stock-based compensation expense	27		18
Non-cash impairments	32		50
Changes in operating assets and liabilities:
Accounts receivable, net	34		(68)
Inventories	9		30
Royalty advances	(127)		(105)
Other noncurrent assets	2		(85)
Accounts payable and accrued liabilities	(119)		(51)
Royalty payables	83		171
Accrued interest	13		—
Operating lease liabilities	(5)		(3)
Deferred revenue	69		(139)
Other balance sheet changes	(30)		(9)
Net cash provided by operating activities	401		262
Cash flows from investing activities
Acquisition of music publishing rights and music catalogs	(120)		(82)
Capital expenditures	(72)		(55)
Investments and acquisitions of businesses, net of cash received	(46)		(17)
Proceeds from the sale of investments	36		12
Proceeds from divestitures	—		17
Net cash used in investing activities	(202)		(125)
Cash flows from financing activities

Partial proceeds from Senior Term Loan Facility refinancing	—		42
Partial repayment of Senior Term Loan Facility refinancing	—		(42)
Deferred financing costs paid	—		(2)
Distribution to noncontrolling interest holders	(8)		(5)
Dividends paid	(189)		(178)
Payment of deferred consideration	(23)		—
Taxes paid related to net share settlement of restricted stock units and common stock	(19)		(5)
Common stock repurchased and retired	(2)		—

Other financing activity	(7)		—
Net cash used in financing activities	(248)		(190)
Effect of exchange rate changes on cash and equivalents	(8)		(1)
Net decrease in cash and equivalents	(57)		(54)
Cash and equivalents at beginning of period	694		641
Cash and equivalents at end of period	$	637	$	587


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Warner Music Group Corp. (Exact name of registrant as specified in its charter)


Delaware (State or other jurisdiction of incorporation or organization)		13-4271875 (I.R.S. Employer Identification No.)
	1633 Broadway New York, NY 10019 (Address of principal executive offices) (212) 275-2000 (Registrant’s telephone number, including area code)


Six Months Ended March 31, 2025
	Class A Common Stock			Class B Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Warner Music Group Corp. Equity		Non-controlling Interest		Total Equity

	Shares	Value		Shares	Value
Balance at September 30, 2024	142,559	$	—	375,380	$	1	$	2,077	$	(1,313)	$	(247)	$	518	$	157	$	675
Net income	—	—		—	—		—		272		—		272		5		277
Other comprehensive loss, net of tax	—	—		—	—		—		—		(45)		(45)		—		(45)
Dividends ($0.36 per share)	—	—		—	—		—		(189)		—		(189)		—		(189)
Stock-based compensation expense	—	—		—	—		34		—		—		34		—		34
Distribution to noncontrolling interest holders	—	—		—	—		—		—		—		—		(8)		(8)
Acquisition of noncontrolling interests	—	—		—	—		—		—		—		—		74		74
Vesting of restricted stock units, net of shares withheld for employee taxes	795	—		—	—		(19)		—		—		(19)		—		(19)
Shares issued under the Plan	1,738	—		—	—		—		—		—		—		—		—
Common shares repurchased and retired	(60)	—		—	—		(2)		—		—		(2)		—		(2)
Other	—	—		—	—		(2)		—		—		(2)		(5)		(7)
Balance at March 31, 2025	145,032	$	—	375,380	$	1	$	2,088	$	(1,230)	$	(292)	$	567	$	223	$	790


Three Months Ended March 31, 2025
	Class A Common Stock			Class B Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Warner Music Group Corp. Equity		Non-controlling Interest		Total Equity

	Shares	Value		Shares	Value
Balance at December 31, 2024	144,301	$	—	375,380	$	1	$	2,091	$	(1,171)	$	(376)	$	545	$	152	$	697
Net income	—	—		—	—		—		36		—		36		—		36
Other comprehensive income, net of tax	—	—		—	—		—		—		84		84		—		84
Dividends ($0.18 per share)	—	—		—	—		—		(95)		—		(95)		—		(95)
Stock-based compensation expense	—	—		—	—		14		—		—		14		—		14
Acquisition of noncontrolling interests	—	—		—	—		—		—		—		—		74		74
Vesting of restricted stock units, net of shares withheld for employee taxes	731	—		—	—		(17)		—		—		(17)		—		(17)
Conversion of Class B Shares to Class A shares	—	—		—	—		—		—		—		—		—		—
Shares issued under Omnibus Incentive Plan	—	—		—	—		—		—		—		—		—		—
Other	—	—		—	—		—		—		—		—		(3)		(3)
Balance at March 31, 2025	145,032	$	—	375,380	$	1	$	2,088	$	(1,230)	$	(292)	$	567	$	223	$	790


Six Months Ended March 31, 2024
	Class A Common Stock			Class B Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Warner Music Group Corp. Equity (Deficit)		Non-controlling Interest		Total Equity (Deficit)

	Shares	Value		Shares	Value
Balance at September 30, 2023	138,345	$	—	377,650	$	1	$	2,015	$	(1,387)	$	(322)	$	307	$	123	$	430
Net income	—	—		—	—		—		255		—		255		34		289
Other comprehensive income, net of tax	—	—		—	—		—		—		21		21		—		21
Dividends ($0.34 per share)	—	—		—	—		—		(178)		—		(178)		—		(178)
Stock-based compensation	—	—		—	—		33		—		—		33		—		33
Distribution to noncontrolling interest holders	—	—		—	—		—		—		—		—		(5)		(5)

Shares issued under the Plan	1,738	—		—	—		—		—		—		—		—		—
Exchange of Class B shares for Class A shares	1,335	—		(1,335)	—		—		—		—		—		—		—
Shares issued under Omnibus Incentive Plan	178	—		—	—		—		—		—		—		—		—

Balance at March 31, 2024	141,596	$	—	376,315	$	1	$	2,043	$	(1,310)	$	(301)	$	433	$	152	$	585


Three Months Ended March 31, 2024
	Class A Common Stock			Class B Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Warner Music Group Corp. Equity		Non-controlling Interest		Total Equity

	Shares	Value		Shares	Value
Balance at December 31, 2023	140,637	$	—	377,103	$	1	$	2,039	$	(1,317)	$	(260)	$	463	$	153	$	616
Net income	—	—		—	—		—		96		—		96		—		96
Other comprehensive loss, net of tax	—	—		—	—		—		—		(41)		(41)		—		(41)
Dividends ($0.17 per share)	—	—		—	—		—		(89)		—		(89)		—		(89)
Stock-based compensation	—	—		—	—		9		—		—		9		—		9
Distribution to noncontrolling interest holders	—	—		—	—		—		—		—		—		(1)		(1)
Shares issued under the Plan	—	—		—	—		—		—		—		—		—		—
Exchange of Class B shares for Class A shares	788	—		(788)	—		—		—		—		—		—		—
Shares issued under Omnibus Incentive Plan	171	—		—	—		(5)		—		—		(5)		—		(5)

Balance at March 31, 2024	141,596	$	—	376,315	$	1	$	2,043	$	(1,310)	$	(301)	$	433	$	152	$	585


	Three Months Ended March 31,
	2025				2024
	Class A		Class B		Class A		Class B
Basic and Diluted EPS:
Numerator
Net income attributable to Warner Music Group Corp.	$	10	$	26	$	27	$	69
Less: Net income attributable to participating securities (a)	—		—		(1)		—
Net income attributable to common stockholders	$	10	$	26	$	26	$	69
Denominator
Weighted average shares outstanding	144,938		375,380		141,044		376,800
Basic and Diluted EPS	$	0.07	$	0.07	$	0.18	$	0.18

	Six Months Ended March 31,
	2025				2024
	Class A		Class B		Class A		Class B
Basic and Diluted EPS:
Numerator
Net income attributable to Warner Music Group Corp.	$	78	$	194	$	71	$	184
Less: Net income attributable to participating securities (a)	(3)		—		(3)		—
Net income attributable to common stockholders	$	75	$	194	$	68	$	184
Denominator
Weighted average shares outstanding	143,995		375,380		140,013		377,145
Basic and Diluted EPS	$	0.52	$	0.52	$	0.49	$	0.49


	Rest of FY25		FY26		FY27		Thereafter		Total
	(in millions)
Remaining performance obligations	$	814	$	542	$	91	$	44	$	1,491
Total	$	814	$	542	$	91	$	44	$	1,491


FORM 10-Q


	Three Months Ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
	(in millions)
Revenue by Type
Digital	$	841	$	848	$	1,714	$	1,756
Physical	112		111		278		265
Total digital and physical	953		959		1,992		2,021
Artist services and expanded-rights	117		126		313		330
Licensing	105		104		215		283
Total Recorded Music	1,175		1,189		2,520		2,634
Performance	53		52		109		103
Digital	188		187		395		383
Mechanical	16		15		30		30
Synchronization	49		48		88		87
Other	4		4		11		7
Total Music Publishing	310		306		633		610
Intersegment eliminations	(1)		(1)		(3)		(2)
Total revenues	$	1,484	$	1,494	$	3,150	$	3,242
Revenue by geographical location
U.S. Recorded Music	$	497	$	508	$	1,029	$	1,135
U.S. Music Publishing	161		170		334		342
Total U.S.	658		678		1,363		1,477
International Recorded Music	678		681		1,491		1,499
International Music Publishing	149		136		299		268
Total international	827		817		1,790		1,767
Intersegment eliminations	(1)		(1)		(3)		(2)
Total revenues	$	1,484	$	1,494	$	3,150	$	3,242


	For the Three Months Ended March 31,				2025 vs. 2024
	2025		2024		$ Change		% Change
Revenue by Type
Digital	$	841	$	848	$	(7)	-1	%
Physical	112		111		1		1	%
Total digital and physical	953		959		(6)		-1	%
Artist services and expanded-rights	117		126		(9)		-7	%
Licensing	105		104		1		1	%
Total Recorded Music	1,175		1,189		(14)		-1	%
Performance	53		52		1		2	%
Digital	188		187		1		1	%
Mechanical	16		15		1		7	%
Synchronization	49		48		1		2	%
Other	4		4		—		—	%
Total Music Publishing	310		306		4		1	%
Intersegment eliminations	(1)		(1)		—		—	%
Total revenues	$	1,484	$	1,494	$	(10)	-1	%
Revenue by Geographical Location
U.S. Recorded Music	$	497	$	508	$	(11)	-2	%
U.S. Music Publishing	161		170		(9)		-5	%
Total U.S.	658		678		(20)		-3	%
International Recorded Music	678		681		(3)		—	%
International Music Publishing	149		136		13		10	%
Total international	827		817		10		1	%
Intersegment eliminations	(1)		(1)		—		—	%
Total revenues	$	1,484	$	1,494	$	(10)	-1	%


	Foreign Currency Translation Loss (a)		Minimum Pension Liability Adjustment		Accumulated Other Comprehensive Loss, net
	(in millions)
Balances at September 30, 2024	$	(244)	$	(3)	$	(247)
Other comprehensive loss	(45)		—		(45)
Balances at March 31, 2025	$	(289)	$	(3)	$	(292)


	Recorded Music		Music Publishing		Total
	(in millions)
Balances at September 30, 2024	$	1,557	$	464	$	2,021
Acquisitions	21		—		21

Other adjustments (a)	(11)		—		(11)
Balances at March 31, 2025	$	1,567	$	464	$	2,031


	Weighted-Average Useful Life	March 31, 2025		September 30, 2024
		(in millions)
Intangible assets subject to amortization:
Recorded music catalog	12 years	$	1,715	$	1,616
Music publishing copyrights	24 years	2,595		2,227
Artist and songwriter contracts	13 years	1,115		1,125
Trademarks	17 years	75		69
Other intangible assets	6 years	88		69
Total gross intangible assets subject to amortization		5,588		5,106
Accumulated amortization		(2,824)		(2,747)
Total net intangible assets subject to amortization		2,764		2,359
Intangible assets not subject to amortization:
Trademarks and tradenames	Indefinite	151		152
Total net intangible assets		$	2,915	$	2,511


	Severance Costs		Contract Termination Costs		Total
	(in millions)
Balance at September 30, 2024	$	99	$	5	$	104
Restructuring charges	1		7		8
Cash payments	(47)		(4)		(51)
Foreign currency movements	(1)		—		(1)
Balance at March 31, 2025	$	52	$	8	$	60


	Three Months Ended March 31, 2025	Six Months Ended March 31, 2025
Share Repurchase Type	Shares	Amount (in millions)		Shares	Amount (in millions)
Open Market Repurchases	—	$	—	60,383	$	2


	Recorded Music		Music Publishing		Corporate expenses and eliminations		Total
Three Months Ended	(in millions)
March 31, 2025
Revenues	$	1,175	$	310	$	(1)	$	1,484
Adjusted OIBDA	270		85		(52)		303

March 31, 2024
Revenues	$	1,189	$	306	$	(1)	$	1,494
Adjusted OIBDA	272		82		(42)		312

	Recorded Music		Music Publishing		Corporate expenses and eliminations		Total
Six Months Ended	(in millions)
March 31, 2025
Revenues	$	2,520	$	633	$	(3)	$	3,150
Adjusted OIBDA	593		168		(95)		666

March 31, 2024
Revenues	2,634		610		(2)		3,242
Adjusted OIBDA	684		168		(89)		763


	For the Three Months Ended March 31,				For the Six Months Ended March 31,
	2025		2024		2025		2024
Operating income	$	168	$	119	$	382	$	473
Amortization expense	62		57		119		112
Depreciation expense	28		26		57		52
Restructuring and impairments	13		95		40		95
Transformation initiative costs	18		19		35		38

Net gain on divestitures	—		(14)		—		(31)
Non-cash stock-based compensation and other related costs	14		10		33		24
Adjusted OIBDA	$	303	$	312	$	666	$	763


	Fair Value Measurements as of March 31, 2025
	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Other Current Assets:
Foreign currency forward exchange contracts (a)	$	—	$	4	$	—	$	4

Other current liabilities:

Foreign currency forward exchange contracts (a)	$	—	$	(1)	$	—	$	(1)

Other noncurrent assets:


Equity investments with readily determinable fair value (b)	8		—		—		8


Revolving Credit Facility (a)	$	—
Senior Term Loan Facility due 2031	1,295
2.750% Senior Secured Notes due 2028	352
3.750% Senior Secured Notes due 2029	540
3.875% Senior Secured Notes due 2030	535
2.250% Senior Secured Notes due 2031	481
3.000% Senior Secured Notes due 2031	800
Mortgage Term Loan due 2033	17
Total debt, including the current portion	4,020
Premium less unamortized discount and unamortized DFCs	(30)
Total Acquisition Corp. long-term debt, including the current portion, net	$	3,990
Tempo Asset-Based Notes due 2050	311
Unamortized discount	(9)
Total asset-based long-term debt, including the current portion, net (b)	$	302
Total long-term debt, including the current portion, net	$	4,292


	Twelve Months Ended March 31,				Three Months Ended March 31,
	2025		2024		2025		2024
Net Income	$	466	$	567	$	36	$	96
Income tax expense	151		191		29		18
Interest expense, net	156		155		39		42
Depreciation and amortization	339		329		90		83
Loss on extinguishment of debt (a)	—		4		—		—
Net gains on divestitures and sale of securities	(30)		(41)		—		(17)
Restructuring costs (b)	95		60		9		46
Net foreign exchange losses (gains) (c)	(4)		(27)		67		(32)

Transaction costs	5		6		1		3
Business optimization expenses (d)	100		86		20		24
Non-cash stock-based compensation expense (e)	61		32		14		9
Other non-cash charges (f)	31		50		7		52
Unrestricted subsidiary income	(4)		—		(4)		—
Pro forma impact of cost savings initiatives and specified transactions (g)	101		126		9		28
Adjusted EBITDA	$	1,467	$	1,538	$	317	$	352
Senior Secured Indebtedness (h)	$	3,371
Leverage Ratio (i)	2.3x


Period	Total Number of Shares Repurchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)
January 2025	—	$	—	—	$	98
February 2025	—	—		—	98
March 2025	—	—		—	98


Exhibit Number						Exhibit Description
10.1*†						Employee Form of Restricted Stock Unit Award Agreement under Warner Music Group Corp. 2020 Omnibus Incentive Plan
10.2*†						Dire ctor Form of Restricted Stock Unit Award Agreement under Warner Music Group Corp. 2020 Omnibus Incentive Plan
10.3*†						Director Form of Deferred Stock Unit Award Agreement under Warner Music Group Corp. 2020 Omnibus Incentive Plan
31.1*						Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended
31.2*						Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended
32.1**						Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**						Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS						Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH						XBRL Taxonomy Extension Schema Document
101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						XBRL Taxonomy Extension Label Linkbase Document
101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document
104*						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


			WARNER MUSIC GROUP CORP.

			By:						/s/ ROBERT KYNCL
			Name: Title:						Robert Kyncl Chief Executive Officer (Principal Executive Officer)

			By:						/s/ ARMIN ZERZA
			Name: Title:						Armin Zerza Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)


Participant:			#ParticipantName#
Grant Date:			#GrantDate#
Number of RSUs Granted:			#QuantityGranted#
Vesting Schedule:			25% of the Award will vest on each of the first, second, third and fourth anniversaries of #GrantDate# (the “Vesting Commencement Date”), subject in each case to the Participant’s continued employment with the Company or one or more of its Affiliates through such date and subject further to continued or accelerated vesting in certain cases, all as specified in the attached Terms and Conditions.


			/S/ ROBERT KYNCL
			Chief Executive Officer (Principal Executive Officer)


			/S/ ARMIN ZERZA
			Chief Financial Officer (Principal Financial and Accounting Officer)