WMG insider restructures 280,000-share trust holding

Warner Music Group director Valentin Blavatnik reported an internal restructuring of indirect holdings, not an open-market trade.

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Form Type

Rhea-AI Filing Summary

Warner Music Group director Valentin Blavatnik reported an internal restructuring of indirect holdings, not an open-market trade. On April 16, 2026, LB 2020 Family Trust distributed 280,000 shares of Class B Common Stock for no consideration to VLB Holdings LLC, which now holds these shares and the same number of underlying Class A Common Stock equivalents. The filing notes these securities may be deemed beneficially owned through related trusts and entities, while each reporting person (other than Holdings) disclaims beneficial ownership except for any pecuniary interest.

Insider Trade Summary

Other: 280,000 shares

Other 1 txn

Insider Blavatnik Valentin

Role Director

Type	Security	Shares	Price	Value
Other	Class B Common Stock	280,000	$0.00	$0.00

Holdings After Transaction: Class B Common Stock — 280,000 contracts (Indirect, By trust)

Footnotes (3)

F1. Each share of Class B Common Stock is convertible at any time at the option of the holder into one share of Class A Common Stock and has no expiration date.
F2. On April 16, 2026, LB 2020 Family Trust made a distribution for no consideration of an aggregate of 280,000 shares of Class B Common Stock to VLB Holdings LLC ("Holdings").
F3. The securities reported are held directly by Holdings and may be deemed to be beneficially owned by Mr. Blavatnik because Holdings is owned by the Valentin Leon Blavatnik 2022 Trust (the "Trust"), VPTC LLC ("VPTC") is the trustee of the Trust and Mr. Blavatnik is a manager of VPTC and a beneficiary of the Trust. Each of the reporting persons (other than Holdings) disclaims beneficial ownership of these securities, except to the extent of its or his pecuniary interest therein, and this Form shall not be construed as an admission that any such reporting person is the beneficial owner of any such securities.

Key Figures

Restructured shares: 280,000 shares Post-transaction holdings: 280,000 shares Conversion ratio: 1:1 +2 more

5 metrics

Restructured shares 280,000 shares Class B Common Stock distributed on April 16, 2026

Post-transaction holdings 280,000 shares Class B Common Stock held by VLB Holdings LLC after transaction

Conversion ratio 1:1 Each Class B Common Stock share convertible into one Class A share

Transaction code J Classified as other acquisition or disposition (restructuring)

Restructuring shares 280,000 shares Reported as restructuringShares in transactionSummary

Key Terms

Class B Common Stock, Class A Common Stock, beneficial ownership, trustee, +1 more

5 terms

Class B Common Stock financial

"280,000 shares of Class B Common Stock to VLB Holdings LLC"

A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.

Class A Common Stock financial

"convertible at any time into one share of Class A Common Stock"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

beneficial ownership financial

"may be deemed to be beneficially owned by Mr. Blavatnik"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

trustee financial

"VPTC LLC is the trustee of the Trust"

A trustee is a person or institution legally appointed to hold and manage assets or enforce an agreement on behalf of other people (beneficiaries). Think of a trustee as a neutral referee or custodian who must act in the beneficiaries’ best interests, follow the trust or contract rules, and handle distributions, recordkeeping and enforcement. Investors care because a trustworthy trustee protects their rights, ensures promised payments or remedies are delivered, and can influence recoveries if things go wrong.

pecuniary interest financial

"disclaims beneficial ownership of these securities, except to the extent of its or his pecuniary interest"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did WMG director Valentin Blavatnik report on this Form 4?

Valentin Blavatnik reported an internal restructuring involving 280,000 shares of Warner Music Group Class B Common Stock. LB 2020 Family Trust distributed the shares for no consideration to VLB Holdings LLC, changing how the shares are held but not reflecting a market purchase or sale.

Did the Warner Music Group (WMG) Form 4 show any insider buying or selling of shares?

The Form 4 did not show open-market buying or selling. It reported an “other” transaction code J, where 280,000 Class B shares were distributed for no consideration from LB 2020 Family Trust to VLB Holdings LLC, indicating an internal ownership restructuring instead of a trade.

How many Warner Music Group shares were affected in the reported restructuring?

The restructuring involved 280,000 shares of Class B Common Stock of Warner Music Group. These shares, each convertible into one Class A Common Stock, were distributed by LB 2020 Family Trust to VLB Holdings LLC and remained 280,000 shares following the transaction, reflecting a transfer rather than a sale.

Who now directly holds the 280,000 Warner Music Group Class B shares after the Form 4 transaction?

After the transaction, VLB Holdings LLC directly holds the 280,000 Class B Common Stock shares. The filing explains that Holdings is owned through the Valentin Leon Blavatnik 2022 Trust structure, and various related parties may be deemed beneficial owners, subject to pecuniary interest and explicit ownership disclaimers.

How is Valentin Blavatnik connected to the entity holding Warner Music Group shares?

Valentin Blavatnik is connected through trust and LLC structures. VLB Holdings LLC is owned by the Valentin Leon Blavatnik 2022 Trust, whose trustee is VPTC LLC, where Blavatnik is a manager and beneficiary. The parties may be deemed beneficial owners but disclaim ownership beyond any pecuniary interest.

What is the significance of WMG Class B shares being convertible into Class A shares?

Each Warner Music Group Class B Common Stock share is convertible at any time into one Class A Common Stock share, with no expiration. This means the 280,000 Class B shares held by VLB Holdings LLC represent the same number of potential Class A shares, affecting voting and economic exposure structure rather than current share count changes.

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Accepted by SEC EDGAR 04/20/2026 - 05:04 PM EDT

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Blavatnik Valentin

(Last)

(First)

(Middle)

C/O WARNER MUSIC GROUP CORP.

1633 BROADWAY

(Street)

NEW YORK

10019

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Warner Music Group Corp. [ WMG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Common Stock	⁽¹⁾	04/16/2026		J⁽²⁾		280,000		⁽¹⁾	⁽¹⁾	Class A Common Stock	280,000	⁽¹⁾	280,000	I	By trust⁽³⁾

Explanation of Responses:

1. Each share of Class B Common Stock is convertible at any time at the option of the holder into one share of Class A Common Stock and has no expiration date.

2. On April 16, 2026, LB 2020 Family Trust made a distribution for no consideration of an aggregate of 280,000 shares of Class B Common Stock to VLB Holdings LLC ("Holdings").

3. The securities reported are held directly by Holdings and may be deemed to be beneficially owned by Mr. Blavatnik because Holdings is owned by the Valentin Leon Blavatnik 2022 Trust (the "Trust"), VPTC LLC ("VPTC") is the trustee of the Trust and Mr. Blavatnik is a manager of VPTC and a beneficiary of the Trust. Each of the reporting persons (other than Holdings) disclaims beneficial ownership of these securities, except to the extent of its or his pecuniary interest therein, and this Form shall not be construed as an admission that any such reporting person is the beneficial owner of any such securities.

	/s/ Trent N. Tappe, as Attorney-in-Fact	04/20/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR