Variety is reporting Metallica and longtime co-manager Cliff Burnstein are among the parties involved in an intellectual-property acquisition venture that is being headed up by former longtime Morgan Stanley investment banker Paul Donahue.

Variety’s source emphasized that the venture, which is called Worldwired Music IP Fund and will have resources in the $300-$500 million range, is not being led by the group or Burnstein — even though Worldwired is the name of the band’s most recent tour — although they are among the parties involved in it, which sources said also include former Fender president/COO Matt Janopaul and former Sony/ATV co-president Rick Krim. The venture will include song catalogs as part of its portfolio, which one source said is likely to include — but not be limited to — classic rock catalogs.

Metallica recently issued the following update:

"We are truly overwhelmed by the generosity of fans and friends around the world as many continue to face unimaginable challenges in the wake of the Coronavirus pandemic. Thanks to your support and kindness by contributing to our fundraisers during the #MetallicaMondays shows, our May Month of Giving, and visiting the All Within My Hands website, as well as a substantial donation from our friends at Salesforce, we’re excited to announce that AWMH will be providing a second round of new grants totaling $295,000 to five organizations doing essential work during this difficult time. In addition to continuing to support Feeding America, Direct Relief, Live Nation’s Crew Nation initiative, and the Bartender Emergency Assistance Program (BEAP) through the United States Bartenders’ Guild National Charity Foundation, we are proud to announce a fifth grantee as we partner with MusiCares in their efforts to assist music industry professionals affected by the pandemic.

Feeding America:

Feeding America has been on the front lines from day one as they continue to work with their network of local food banks, reacting to the specific needs of individual communities. As the effects of the pandemic are vast, food insecurity has soared, and food banks across the country are suffering from a lack of volunteers, donations, and food distribution assistance from their normal channels. AWMH has pledged $70,000 to this fund which will provide urgently needed meals to families facing food insecurity.

Direct Relief:

Direct Relief continues to work tirelessly as the pandemic spreads to other regions of the world and is distributing emergency shipments of ICU medicine and other critical supplies to more than 80 countries and has provided more than 40 tons of personal protective equipment (PPE) for healthcare workers on the front lines. As countries in Latin America, Africa, and South Asia became the latest hotspots of the COVID-19 pandemic, Direct Relief has accelerated its response in these regions, beginning with shipments of enough COVID-related emergency medicine and medical supplies to treat more than 50,000 intensive-care patients in developing countries around the globe. Direct Relief is in constant collaboration and communication with allies in the battle to manage this outbreak through its relationships across global, international, and national agencies such as the WHO, the US Dept of Health and Human Services, the CDC, ASPR, State Offices of emergency management, etc. AWMH has pledged $70,000 to this fund.

Crew Nation:

As you all know, Metallica’s live shows — all live music in general — would not be possible without the countless crew members working behind the scenes. As COVID-19 continues to put the entire live music industry on pause, we want to extend a helping hand to the touring and venue crews who make their living show-to-show. Our partners at Live Nation initiative committed $10 million to their Crew Nation initiative, contributing an initial $5 million to the fund, then matching the next $5 million donated by artists, fans, and employees. We’re happy to pledge $70,000 to this fund to help those who make it all happen for the band year in and year out on the road. Each grant recipient receives $1,000 USD, so this donation will help 70 crew members across the industry.

The USBG National Charity Foundation:

In addition to the hard-working crews who support the band on tour, we rely heavily on the worldwide hospitality industry. As restaurants, hotels, coffee shops, bars, and other food and beverage providers continue to remain closed or shift to delivery/pick-up operations, hundreds of thousands of workers are suddenly without jobs. We’re pledging $35,000 to the Bartender Emergency Assistance Program (BEAP) to assist qualified bartenders, bar backs, and bar servers in need of financial assistance. So far, our gifts have helped the BEAP award meaningful grants to over 30,000 hospitality members in all 50 states and two U.S. territories.

Musicares:

During the past several weeks, the MusiCares COVID-19 Relief Fund has raised more than $17 million dollars and provided aid to thousands of people in the music community. It is the largest amount of money they have ever raised, with the most recipients helped, for any single cause in their history. Unfortunately, the need was so overwhelming that they were forced to stop accepting applications. We are pledging $50,000 to assist with resources toward these unprocessed grants.

In More News...

This month we’re excited to continue to honor our Heroes of the Day, what we now call “essential workers” - first responders, healthcare workers, food bank volunteers, grocers, truck or food delivery drivers, restaurant workers, and so many more - as people everywhere are performing selfless acts to keep us safe and healthy and to keep our lives as normal as possible during this abnormal time. Share a photo on Instagram using #HeroesOfTheDay and tell us about yourself or someone you know who loves Metallica and is on the front lines and we’ll make sure to thank them!

Finally, we are continuing the the #MetallicaMondays streaming series, broadcasting a full concert from the Metallica video archives directly to your couch via YouTube and Facebook Live each Monday at 5:00 PM PDT.

As days turn to weeks, and weeks to months, we know this is an incredibly stressful time pushing everyone’s physical and mental wellbeing to their limits. If you would like to support any of these organizations, please feel free to reach out directly to our passionately dedicated partners, as their needs are very wide-ranging; every dollar helps. Be well, we hope to see you all again soon."