BlackRock Inc. BLK, -0.10% and Warner Music Group Corp. WMG, +2.88% have committed $750 million for a fund to invest in music catalogs from female and diverse artists, The Wall Street Journal reported on Thursday. Citing people familiar with the deal, the newspaper article said the fund is set up in partnership with Influence Media, a music investment and management firm. The new pool of capital is targeting modern, evergreen music, which is different from recent music industry deals involving decades-old music. The fund has deployed $300 million for 20 catalogs thus far, including Tainy, who wrote hits for Bad Bunny and Shawn Mendes, among others; also Stereotypes, co-writer of the Bruno Mars hit, “24K Magic.”
