The funds will be given as three $100,000 donations to two arts-related charities and a food bank in Las Vegas.
The former politician will officially take up the role in April, with plans to first tackle the COVID-19 fallout.
Sales were down 29% the week ending March 19 - the lowest in US history.
Musicians who have had work canceled can apply now for rent and mortgage assistance through the growing fund.
The deal is expected to closed in the second quarter of 2020.
Revenue from film music, which makes up 80% of IMI members revenue, has come to a halt.
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