Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 12.1.2022  
C(2022) 297 final  
PUBLIC VERSION  
Warner Music Group Corp  
1633 Broadway  
NY 10019 New York  
United States of America  
 
Influence Media Partners  
450 West 14th Street, 6th Floor  
NY 10014 New York  
United States of America -  
 
BlackRock Financial Management  Inc. 
40 East 52nd Street  
NY 10022 New York  
United States of America  
Subject : Case M.10422 – WMG / BLACKROCK GROUP / INFLUENCE MEDIA / 
THE INITIAL FUND  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 9 December  2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  Warner Music 
Inc. ( United States of America ), a wholly -owned subsidiary of Warner Music Group 
Corp. (together, “WMG”, United States of America ), IMP GP, LLC (“Influence 
Media”,  United States of America ) and BlackRock Financial Management, Inc. 
(“BFM”, United States of America ), acquire within the meaning of Article s 3(1)(b)  
and 3(4)  of the Merger Regulation joint control of Influence x Mu sic Fund II, L.P. 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this  decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 

2 (“The Initial Fund”, Cayman Islands), jointly controlled by Influence Media and by 
BFM , by way of the granting of control rights over the Initial Fund .3 
2. The business activities of the undertakings concerned are:  
 for Warner Music Inc.: a g lobal music entertainment company with operations or 
distributors/licensees in almost all EEA Member States. Its activities are in the 
recorded music and music publishing businesses , 
 for BFM: a corporation which offers portfolio construction, asset managem ent 
and investment advisory services. BFM controls and manages investment 
decisions of the BLK -Anchor Investors in their capacity as investors in the Initial 
Fund , 
 for Influence Media: adviser of investment funds formed to invest capital by third 
parties in the acquisition of music royalty rights, primarily publishing copyrights 
and/or master recordings, and further strategically manages the portfolios of such 
investment funds, seeking to optimize their revenues and the value of such 
portfolios , 
 for The In itial Fund: partnership that invests in music assets, specifically 
recording rights and music publishing rights . 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (a) of the Commission  Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
3  Publication in the Official Journal of the European Union No C 512, 20.12 .2021 , p. 5-6. 
4  OJ C 366, 14.12.2013, p. 5 .