Warner Music Group and Providence Equity Partners have joined forces to invest in recorded music and music publishing catalogues.
The investments will be made via a newly established platform, Tempo Music Investments.
Tempo was launched with $650 million (£493m) in equity and debt capacity. Most of the equity comes from Providence, an investment firm specialising in the media, communications, education and information industries.
WMG will handle administration for music publishing and distribution for recorded music.
Tempo will enlist Influence Media Partners, a new management company, to explore investment opportunities and drive catalogue performance.
“More than ever before, the long-lasting value of music is being recognised outside the music industry,” said Stu Bergen (pictured), CEO, international and global commercial services, WMG. “We’ll be devoted stewards of these amazing catalogues created by songwriters and recording artists across the globe, and WMG is very happy to be partnering with Providence in this pioneering venture."
Josh Empson, MD at Providence, said: “It is a privilege to partner again with Warner Music Group. We are excited about this innovative new relationship, which combines Providence’s investment expertise in media with WMG’s distinctive skill in working with and recognizing top artists and assets in music. We look forward to partnering with WMG and our investment management team to support creators and build a best-in-class portfolio of music assets.”
Among the first acquisitions of the venture are selected copyrights of Grammy Award-winning songwriters Jeff Bhasker, Shane McAnally and Ben Rector.
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