Warner Music Group Corp. — Director's Dealing 2008

May 16, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Warner Music Group Corp. (WMG)
CIK: 0001319161
Period of Report: 2008-05-15

Reporting Person: Tanous William Lloyd (EVP, Chief Comm Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-05-15	Stock Option (option to Buy)	$8.03	A	100000	Acquired	2018-05-14	Common Stock, par value $0.001 (100000)	Direct

Footnotes

F1: This option becomes exercisable in increments of 25% on the first four anniversaries of the date of grant, May 15, 2008.