When Warner Music Group CEO Steve Cooper announced he’d be stepping down in 2023, he set off a wave of breathless speculation about who might be his successor. But the news also occasions some reflection about the turnaround expert’s deft, future-forward moves during his tenure, notably an IPO that was the ultimate vindication of owner Len Blavatnik’s original bet—and one that brought Cooper and other key players a giant pile of cash. One thing Cooper won’t miss when he exits: Having to appear in this penny-ante periodical.