Guarantor and Non-Guarantor Subsidiaries Financial Information (Tables)

9 Months Ended

Jun. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Consolidating Balance Sheet (Unaudited)

June 30, 2019



	WMG Acquisition Corp. (issuer)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			WMG Acquisition Corp. Consolidated			WMG Holdings Corp.		Warner Music Group Corp.		Eliminations			Warner Music Group Corp. Consolidated
	(in millions)
Assets:
Current assets:
Cash and equivalents	$	—		$	297		$	244		$	—		$	541		$	—	$	—	$	—		$	541
Accounts receivable, net	—			331			413			—			744			—		—		—			744
Inventories	—			13			54			—			67			—		—		—			67
Royalty advances expected to be recouped within one year	—			103			68			—			171			—		—		—			171
Prepaid and other current assets	—			10			47			—			57			—		—		—			57
Total current assets	—			754			826			—			1,580			—		—		—			1,580
Due from (to) parent companies	473			(430		)	(43		)	—			—			—		—		—			—
Investments in and advances to consolidated subsidiaries	2,409			2,394			—			(4,803		)	—			809		809		(1,618		)	—
Royalty advances expected to be recouped after one year	—			126			83			—			209			—		—		—			209
Property, plant and equipment, net	—			195			101			—			296			—		—		—			296
Goodwill	—			1,370			402			—			1,772			—		—		—			1,772
Intangible assets subject to amortization, net	—			902			878			—			1,780			—		—		—			1,780
Intangible assets not subject to amortization	—			71			82			—			153			—		—		—			153
Deferred tax assets, net	—			—			7			—			7			—		—		—			7
Other assets	5			124			29			—			158			—		—		—			158
Total assets	$	2,887		$	5,506		$	2,365		$	(4,803	)	$	5,955		$	809	$	809	$	(1,618	)	$	5,955
Liabilities and Deficit:
Current liabilities:
Accounts payable	$	—		$	127		$	81		$	—		$	208		$	—	$	—	$	—		$	208
Accrued royalties	5			803			769			—			1,577			—		—		—			1,577
Accrued liabilities	—			234			214			—			448			—		—		—			448
Accrued interest	18			—			—			—			18			—		—		—			18
Deferred revenue	—			51			119			—			170			—		—		—			170
Other current liabilities	—			42			81			—			123			—		—		—			123
Total current liabilities	23			1,257			1,264			—			2,544			—		—		—			2,544
Long-term debt	3,006			—			—			—			3,006			—		—		—			3,006
Deferred tax liabilities, net	—			61			175			—			236			—		—		—			236
Other noncurrent liabilities	10			182			110			—			302			—		—		—			302
Total liabilities	3,039			1,500			1,549			—			6,088			—		—		—			6,088
Total Warner Music Group Corp. (deficit) equity	(152		)	4,002			801			(4,803		)	(152		)	809		809		(1,618		)	(152		)
Noncontrolling interest	—			4			15			—			19			—		—		—			19
Total equity	(152		)	4,006			816			(4,803		)	(133		)	809		809		(1,618		)	(133		)
Total liabilities and equity	$	2,887		$	5,506		$	2,365		$	(4,803	)	$	5,955		$	809	$	809	$	(1,618	)	$	5,955

Consolidating Balance Sheet

September 30, 2018



	WMG Acquisition Corp. (issuer)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			WMG Acquisition Corp. Consolidated			WMG Holdings Corp.		Warner Music Group Corp.		Eliminations			Warner Music Group Corp. Consolidated
	(in millions)
Assets:
Current assets:
Cash and equivalents	$	—		$	169		$	345		$	—		$	514		$	—	$	—	$	—		$	514
Accounts receivable, net	—			262			185			—			447			—		—		—			447
Inventories	—			18			24			—			42			—		—		—			42
Royalty advances expected to be recouped within one year	—			79			44			—			123			—		—		—			123
Prepaid and other current assets	—			15			35			—			50			—		—		—			50
Total current assets	—			543			633			—			1,176			—		—		—			1,176
Due from (to) parent companies	488			(214		)	(274		)	—			—			—		—		—			—
Investments in and advances to consolidated subsidiaries	2,018			2,192			—			(4,210		)	—			675		675		(1,350		)	—
Royalty advances expected to be recouped after one year	—			93			60			—			153			—		—		—			153
Property, plant and equipment, net	—			155			74			—			229			—		—		—			229
Goodwill	—			1,370			322			—			1,692			—		—		—			1,692
Intangible assets subject to amortization, net	—			956			895			—			1,851			—		—		—			1,851
Intangible assets not subject to amortization	—			71			83			—			154			—		—		—			154
Deferred tax assets, net	—			—			11			—			11			—		—		—			11
Other assets	12			55			11			—			78			—		—		—			78
Total assets	$	2,518		$	5,221		$	1,815		$	(4,210	)	$	5,344		$	675	$	675	$	(1,350	)	$	5,344
Liabilities and Deficit:
Current liabilities:
Accounts payable	$	—		$	200		$	81		$	—		$	281		$	—	$	—	$	—		$	281
Accrued royalties	—			869			527			—			1,396			—		—		—			1,396
Accrued liabilities	—			195			228			—			423			—		—		—			423
Accrued interest	31			—			—			—			31			—		—		—			31
Deferred revenue	—			94			114			—			208			—		—		—			208
Other current liabilities	—			2			32			—			34			—		—		—			34
Total current liabilities	31			1,360			982			—			2,373			—		—		—			2,373
Long-term debt	2,819			—			—			—			2,819			—		—		—			2,819
Deferred tax liabilities, net	—			3			162			—			165			—		—		—			165
Other noncurrent liabilities	2			197			108			—			307			—		—		—			307
Total liabilities	2,852			1,560			1,252			—			5,664			—		—		—			5,664
Total Warner Music Group Corp. (deficit) equity	(334		)	3,656			554			(4,210		)	(334		)	675		675		(1,350		)	(334		)
Noncontrolling interest	—			5			9			—			14			—		—		—			14
Total equity	(334		)	3,661			563			(4,210		)	(320		)	675		675		(1,350		)	(320		)
Total liabilities and equity	$	2,518		$	5,221		$	1,815		$	(4,210	)	$	5,344		$	675	$	675	$	(1,350	)	$	5,344

Schedule of Consolidating Statement of Operations

Consolidating Statement of Operations (Unaudited)

For The Three Months Ended June 30, 2019



	WMG Acquisition Corp. (issuer)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			WMG Acquisition Corp. Consolidated			WMG Holdings Corp.		Warner Music Group Corp.		Eliminations			Warner Music Group Corp. Consolidated
	(in millions)
Revenue	$	—		$	410		$	760		$	(112	)	$	1,058		$	—	$	—	$	—		$	1,058
Costs and expenses:
Cost of revenue	—			(216		)	(442		)	81			(577		)	—		—		—			(577		)
Selling, general and administrative expenses	—			(198		)	(203		)	29			(372		)	—		—		—			(372		)
Amortization of intangible assets	—			(24		)	(27		)	—			(51		)	—		—		—			(51		)
Total costs and expenses	—			(438		)	(672		)	110			(1,000		)	—		—		—			(1,000		)
Operating income (loss)	—			(28		)	88			(2		)	58			—		—		—			58
Loss on extinguishment of debt	(4		)	—			—			—			(4		)	—		—		—			(4		)
Interest expense, net	(30		)	—			(6		)	—			(36		)	—		—		—			(36		)
Equity gains from equity method investments	43			58			—			(101		)	—			13		13		(26		)	—
Other (expense) income, net	(8		)	37			(45		)	—			(16		)	—		—		—			(16		)
Income before income taxes	1			67			37			(103		)	2			13		13		(26		)	2
Income tax benefit	12			15			9			(24		)	12			—		—		—			12
Net income	13			82			46			(127		)	14			13		13		(26		)	14
Less: income attributable to noncontrolling interest	—			—			(1		)	—			(1		)	—		—		—			(1		)
Net income attributable to Warner Music Group Corp.	$	13		$	82		$	45		$	(127	)	$	13		$	13	$	13	$	(26	)	$	13

Consolidating Statement of Operations (Unaudited)

For Three Months Ended June 30, 2018



	WMG Acquisition Corp. (issuer)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			WMG Acquisition Corp. Consolidated			WMG Holdings Corp.		Warner Music Group Corp.		Eliminations			Warner Music Group Corp. Consolidated
	(in millions)
Revenue	$	—		$	544		$	533		$	(119	)	$	958		$	—	$	—	$	—		$	958
Costs and expenses:
Cost of revenue	—			(261		)	(346		)	76			(531		)	—		—		—			(531		)
Selling, general and administrative expenses	—			(252		)	(133		)	42			(343		)	—		—		—			(343		)
Amortization of intangible assets	—			(23		)	(33		)	—			(56		)	—		—		—			(56		)
Total costs and expenses	—			(536		)	(512		)	118			(930		)	—		—		—			(930		)
Operating income (loss)	—			8			21			(1		)	28			—		—		—			28
Loss on extinguishment of debt	(7		)	—			—			—			(7		)	—		—		—			(7		)
Interest (expense) income, net	(27		)	2			(8		)	—			(33		)	—		—		—			(33		)
Equity gains from equity method investments	39			23			—			(62		)	—			320		320		(640		)	—
Other income (expense), net	376			(1		)	19			—			394			—		—		—			394
Income before income taxes	381			32			32			(63		)	382			320		320		(640		)	382
Income tax (expense) benefit	(61		)	(62		)	7			55			(61		)	—		—		—			(61		)
Net income (loss)	320			(30		)	39			(8		)	321			320		320		(640		)	321
Less: income attributable to noncontrolling interest	—			—			(1		)	—			(1		)	—		—		—			(1		)
Net income (loss) attributable to Warner Music Group Corp.	$	320		$	(30	)	$	38		$	(8	)	$	320		$	320	$	320	$	(640	)	$	320

Consolidating Statement of Operations (Unaudited)

For The Nine Months Ended June 30, 2019



	WMG Acquisition Corp. (issuer)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			WMG Acquisition Corp. Consolidated			WMG Holdings Corp.		Warner Music Group Corp.		Eliminations			Warner Music Group Corp. Consolidated
	(in millions)
Revenue	$	—		$	1,352		$	2,286		$	(287	)	$	3,351		$	—	$	—	$	—		$	3,351
Costs and expenses:
Cost of revenue	—			(653		)	(1,338		)	229			(1,762		)	—		—		—			(1,762		)
Selling, general and administrative expenses	—			(573		)	(586		)	57			(1,102		)	—		—		—			(1,102		)
Amortization of intangible assets	—			(74		)	(86		)	—			(160		)	—		—		—			(160		)
Total costs and expenses	—			(1,300		)	(2,010		)	286			(3,024		)	—		—		—			(3,024		)
Operating income	—			52			276			(1		)	327			—		—		—			327
Loss on extinguishment of debt	(7		)	—			—			—			(7		)	—		—		—			(7		)
Interest (expense) income, net	(92		)	2			(18		)	—			(108		)	—		—		—			(108		)
Equity gains from equity method investments	345			201			—			(546		)	—			166		166		(332		)	—
Other income (expense), net	6			107			(72		)	—			41			—		—		—			41
Income before income taxes	252			362			186			(547		)	253			166		166		(332		)	253
Income tax expense	(86		)	(79		)	(41		)	120			(86		)	—		—		—			(86		)
Net income	166			283			145			(427		)	167			166		166		(332		)	167
Less: income attributable to noncontrolling interest	—			—			(1		)	—			(1		)	—		—		—			(1		)
Net income attributable to Warner Music Group Corp.	$	166		$	283		$	144		$	(427	)	$	166		$	166	$	166	$	(332	)	$	166

Consolidating Statement of Operations (Unaudited)

For The Nine Months Ended June 30, 2018



	WMG Acquisition Corp. (issuer)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			WMG Acquisition Corp. Consolidated			WMG Holdings Corp.		Warner Music Group Corp.		Eliminations			Warner Music Group Corp. Consolidated
	(in millions)
Revenue	$	—		$	1,626		$	1,703		$	(363	)	$	2,966		$	—	$	—	$	—		$	2,966
Costs and expenses:
Cost of revenue	—			(760		)	(1,066		)	238			(1,588		)	—		—		—			(1,588		)
Selling, general and administrative expenses	—			(731		)	(406		)	124			(1,013		)	—		—		—			(1,013		)
Amortization of intangible assets	—			(70		)	(94		)	—			(164		)	—		—		—			(164		)
Total costs and expenses	—			(1,561		)	(1,566		)	362			(2,765		)	—		—		—			(2,765		)
Operating income	—			65			137			(1		)	201			—		—		—			201
Loss on extinguishment of debt	(31		)	—			—			—			(31		)	—		—		—			(31		)
Interest (expense) income, net	(87		)	3			(21		)	—			(105		)	—		—		—			(105		)
Equity gains from equity method investments	195			99			—			(294		)	—			321		321		(642		)	—
Other income, net	376			8			8			—			392			—		—		—			392
Income before income taxes	453			175			124			(295		)	457			321		321		(642		)	457
Income tax expense	(132		)	(131		)	(21		)	152			(132		)	—		—		—			(132		)
Net income	321			44			103			(143		)	325			321		321		(642		)	325
Less: income attributable to noncontrolling interest	—			(1		)	(3		)	—			(4		)	—		—		—			(4		)
Net income attributable to Warner Music Group Corp.	$	321		$	43		$	100		$	(143	)	$	321		$	321	$	321	$	(642	)	$	321

Schedule of Consolidating Statement of Comprehensive Income

Consolidating Statement of Comprehensive Income (Unaudited)

For The Three Months Ended June 30, 2019



	WMG Acquisition Corp. (issuer)			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			WMG Acquisition Corp. Consolidated			WMG Holdings Corp.			Warner Music Group Corp.			Eliminations			Warner Music Group Corp. Consolidated
	(in millions)
Net income	$	13		$	82	$	46		$	(127	)	$	14		$	13		$	13		$	(26	)	$	14
Other comprehensive income (loss), net of tax:
Foreign currency adjustment	9			—		(9		)	9			9			10			10			(20		)	9
Deferred (loss) gains on derivatives	(3		)	—		1			(1		)	(3		)	(3		)	(3		)	6			(3		)
Other comprehensive income (loss), net of tax:	6			—		(8		)	8			6			7			7			(14		)	6
Total comprehensive income	19			82		38			(119		)	20			20			20			(40		)	20
Less: income attributable to noncontrolling interest	—			—		(1		)	—			(1		)	—			—			—			(1		)
Comprehensive income attributable to Warner Music Group Corp.	$	19		$	82	$	37		$	(119	)	$	19		$	20		$	20		$	(40	)	$	19

Consolidating Statement of Comprehensive Income (Unaudited)

For The Three Months Ended June 30, 2018



	WMG Acquisition Corp. (issuer)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			WMG Acquisition Corp. Consolidated			WMG Holdings Corp.			Warner Music Group Corp.			Eliminations			Warner Music Group Corp. Consolidated
	(in millions)
Net income (loss)	$	320		$	(30	)	$	39		$	(8	)	$	321		$	320		$	320		$	(640	)	$	321
Other comprehensive (loss) income, net of tax:
Foreign currency adjustment	(31		)	—			31			(31		)	(31		)	(31		)	(31		)	62			(31		)
Deferred loss on derivatives	(3		)	—			—			—			(3		)	(3		)	(3		)	6			(3		)
Other comprehensive (loss) income, net of tax:	(34		)	—			31			(31		)	(34		)	(34		)	(34		)	68			(34		)
Total comprehensive income (loss)	286			(30		)	70			(39		)	287			286			286			(572		)	287
Less: income attributable to noncontrolling interest	—			—			(1		)	—			(1		)	—			—			—			(1		)
Comprehensive income (loss) attributable to Warner Music Group Corp.	$	286		$	(30	)	$	69		$	(39	)	$	286		$	286		$	286		$	(572	)	$	286

Consolidating Statement of Comprehensive Income (Unaudited)

For The Nine Months Ended June 30, 2019



	WMG Acquisition Corp. (issuer)			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			WMG Acquisition Corp. Consolidated			WMG Holdings Corp.			Warner Music Group Corp.			Eliminations			Warner Music Group Corp. Consolidated
	(in millions)
Net income	$	166		$	283	$	145		$	(427	)	$	167		$	166		$	166		$	(332	)	$	167
Other comprehensive (loss) income, net of tax:
Foreign currency adjustment	(17		)	—		17			(17		)	(17		)	(19		)	(19		)	38			(17		)
Deferred loss on derivatives	(12		)	—		(1		)	1			(12		)	(12		)	(12		)	24			(12		)
Other comprehensive (loss) income, net of tax:	(29		)	—		16			(16		)	(29		)	(31		)	(31		)	62			(29		)
Total comprehensive income	137			283		161			(443		)	138			135			135			(270		)	138
Less: income attributable to noncontrolling interest	—			—		(1		)	—			(1		)	—			—			—			(1		)
Comprehensive income attributable to Warner Music Group Corp.	$	137		$	283	$	160		$	(443	)	$	137		$	135		$	135		$	(270	)	$	137

Consolidating Statement of Comprehensive Income (Unaudited)

For The Nine Months Ended June 30, 2018



	WMG Acquisition Corp. (issuer)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			WMG Acquisition Corp. Consolidated			WMG Holdings Corp.			Warner Music Group Corp.			Eliminations			Warner Music Group Corp. Consolidated
	(in millions)
Net income	$	321		$	44		$	103		$	(143	)	$	325		$	321		$	321		$	(642	)	$	325
Other comprehensive (loss) income, net of tax:
Foreign currency adjustment	(13		)	—			13			(13		)	(13		)	(13		)	(13		)	26			(13		)
Deferred loss on derivatives	(1		)	—			—			—			(1		)	(1		)	(1		)	2			(1		)
Other comprehensive (loss) income, net of tax:	(14		)	—			13			(13		)	(14		)	(14		)	(14		)	28			(14		)
Total comprehensive income	307			44			116			(156		)	311			307			307			(614		)	311
Less: income attributable to noncontrolling interest	—			(1		)	(3		)	—			(4		)	—			—			—			(4		)
Comprehensive income attributable to Warner Music Group Corp.	$	307		$	43		$	113		$	(156	)	$	307		$	307		$	307		$	(614	)	$	307

Schedule of Consolidating Statement of Cash Flows

Consolidating Statement of Cash Flows (Unaudited)

For The Nine Months Ended June 30, 2019



	WMG Acquisition Corp. (issuer)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			WMG Acquisition Corp. Consolidated			WMG Holdings Corp.			Warner Music Group Corp.			Eliminations			Warner Music Group Corp. Consolidated
	(in millions)
Cash flows from operating activities
Net income	$	166		$	283		$	145		$	(427	)	$	167		$	166		$	166		$	(332	)	$	167
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	—			103			100			—			203			—			—			—			203
Unrealized gains and remeasurement of foreign denominated loans	(5		)	(1		)	—			—			(6		)	—			—			—			(6		)
Deferred income taxes	—			—			25						25												25
Loss on extinguishment of debt	7			—			—			—			7			—			—			—			7
Net gain on investments	—			(25		)	(2		)	—			(27		)	—			—			—			(27		)
Non-cash interest expense	5			—			—			—			5			—			—			—			5
Equity-based compensation expense	—			28			—			—			28			—			—			—			28
Equity gains, including distributions	(345		)	(201		)	—			546			—			(166		)	(166		)	332			—
Changes in operating assets and liabilities:
Accounts receivable, net	—			11			(61		)	—			(50		)	—			—			—			(50		)
Inventories	—			5			7			—			12			—			—			—			12
Royalty advances	—			(57		)	(50		)	—			(107		)	—			—			—			(107		)
Accounts payable and accrued liabilities	—			239			(214		)	(119		)	(94		)	—			—			—			(94		)
Royalty payables	5			(82		)	194			—			117			—			—			—			117
Accrued interest	(13		)	—			—			—			(13		)	—			—			—			(13		)
Deferred revenue	—			(45		)	28			—			(17		)	—			—			—			(17		)
Other balance sheet changes	3			54			(58		)	—			(1		)	—			—			—			(1		)
Net cash (used in) provided by operating activities	(177		)	312			114			—			249			—			—			—			249
Cash flows from investing activities
Acquisition of music publishing rights, net	—			(19		)	(5		)	—			(24		)	—			—			—			(24		)
Capital expenditures	—			(70		)	(12		)	—			(82		)	—			—			—			(82		)
Investments and acquisitions of businesses, net	—			(40		)	(194		)	—			(234		)	—			—			—			(234		)
Advances from issuer	(8		)	—			—			8			—			—			—			—			—
Net cash used in investing activities	(8		)	(129		)	(211		)	8			(340		)	—			—			—			(340		)
Cash flows from financing activities
Proceeds from issuance of Acquisition Corp. 3.625% Sr Secured Notes due 2026	514			—			—			—			514			—			—			—			514
Repayment of Acquisition Corp. 4.125% Senior Secured Notes	(40		)	—			—			—			(40		)	—			—			—			(40		)
Repayment of Acquisition Corp. 4.875% Senior Secured Notes	(30		)	—			—			—			(30		)	—			—			—			(30		)
Repayment of Acquisition Corp. 5.625% Senior Secured Notes	(247		)	—			—			—			(247		)	—			—			—			(247		)
Call premiums paid and deposit on early redemption of debt	(5		)	—			—			—			(5		)	—			—			—			(5		)
Deferred financing costs paid	(7		)	—			—			—			(7		)	—			—			—			(7		)
Distribution to noncontrolling interest holder	—			—			(3		)	—			(3		)	—			—			—			(3		)
Dividends paid	—			(63		)	—			—			(63		)	—			—			—			(63		)
Change in due to (from) issuer	—			8			—			(8		)	—			—			—			—			—
Net cash provided by (used in) financing activities	185			(55		)	(3		)	(8		)	119			—			—			—			119
Effect of exchange rate changes on cash and equivalents	—			—			(1		)	—			(1		)	—			—			—			(1		)
Net increase (decrease) in cash and equivalents	—			128			(101		)	—			27			—			—			—			27
Cash and equivalents at beginning of period	—			169			345			—			514			—			—			—			514
Cash and equivalents at end of period	$	—		$	297		$	244		$	—		$	541		$	—		$	—		$	—		$	541

Consolidating Statement of Cash Flows (Unaudited)

For The Nine Months Ended June 30, 2018



	WMG Acquisition Corp. (issuer)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			WMG Acquisition Corp. Consolidated			WMG Holdings Corp.			Warner Music Group Corp.			Eliminations			Warner Music Group Corp. Consolidated
	(in millions)
Cash flows from operating activities
Net income	$	321		$	44		$	103		$	(143	)	$	325		$	321		$	321		$	(642	)	$	325
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	—			101			104			—			205			—			—			—			205
Unrealized (gains) losses and remeasurement of foreign denominated loans	(5		)	(3		)	2			—			(6		)	—			—			—			(6		)
Deferred income taxes	—			—			105			—			105			—			—			—			105
Loss on extinguishment of debt	31			—			—			—			31			—			—			—			31
Net (gain) loss on divestitures and investments	(503		)	84			34			—			(385		)	—			—			—			(385		)
Non-cash interest expense	5			—			—			—			5			—			—			—			5
Equity-based compensation expense	—			52			—			—			52			—			—			—			52
Equity gains, including distributions	(195		)	(99		)	—			294			—			(321		)	(321		)	642			—
Changes in operating assets and liabilities:
Accounts receivable, net	—			(39		)	(4		)	—			(43		)	—			—			—			(43		)
Inventories	—			(5		)	4			—			(1		)	—			—			—			(1		)
Accounts payable and accrued liabilities	—			256			(189		)	(151		)	(84		)	—			—			—			(84		)
Royalty payables	—			32			81			—			113			—			—			—			113
Accrued interest	(22		)	—			—			—			(22		)	—			—			—			(22		)
Deferred revenue	—			30			(30		)	—			—			—			—			—			—
Other balance sheet changes	(3		)	82			(109		)	—			(30		)	—			—			—			(30		)
Net cash (used in) provided by operating activities	(371		)	535			101			—			265			—			—			—			265
Cash flows from investing activities
Acquisition of music publishing rights, net	—			(7		)	(4		)	—			(11		)	—			—			—			(11		)
Capital expenditures	—			(30		)	(10		)	—			(40		)	—			—			—			(40		)
Investments and acquisitions of businesses, net	—			(14		)	—			—			(14		)	—			—			—			(14		)
Proceeds from the sale of investments	504			12			—			—			516			—			—			—			516
Advances from issuer	(108		)	—			—			108			—			—			—			—			—
Net cash provided by (used in) investing activities	396			(39		)	(14		)	108			451			—			—			—			451
Cash flows from financing activities
Proceeds from issuance of Acquisition Corp. 5.50% Senior Notes	325			—			—			—			325			—			—			—			325
Proceeds from supplement of Acquisition Corp. Senior Term Loan Facility	320			—			—			—			320			—			—			—			320
Repayment of redemption deposit for Acquisition Corp. 6.75% Senior Notes	(635		)	—			—			—			(635		)	—			—			—			(635		)
Call premiums paid on and redemption deposit for early redemption of debt	(23		)	—			—			—			(23		)	—			—			—			(23		)
Deferred financing costs paid	(12		)	—			—			—			(12		)	—			—			—			(12		)
Distribution to noncontrolling interest holder	—			—			(3		)	—			(3		)	—			—			—			(3		)
Dividends paid	—			(397		)	(28		)	—			(425		)	—			—			—			(425		)
Change in due to (from) issuer	—			108			—			(108		)	—			—			—			—			—
Net cash used in financing activities	(25		)	(289		)	(31		)	(108		)	(453		)	—			—			—			(453		)
Effect of exchange rate changes on cash and equivalents	—			—			(5		)	—			(5		)	—			—			—			(5		)
Net increase in cash and equivalents	—			207			51			—			258			—			—			—			258
Cash and equivalents at beginning of period	—			347			300			—			647			—			—			—			647
Cash and equivalents at end of period	$	—		$	554		$	351		$	—		$	905		$	—		$	—		$	—		$	905