Warner Music Group and Providence Equity Partners join forces to invest in music catalogs

10 December 2019 - Press release

New Platform to Promote Recording Artists and Songwriters Across the Globe

 

Warner Music Group (“WMG”) and Providence Equity Partners (“Providence”) today announced plans to invest in world-class recorded music and music publishing catalogs via a newly established platform, Tempo Music Investments (“Tempo”).

Tempo was launched with $650 million in equity and debt capacity, with most of the equity coming from Providence, a leading investment firm specializing in the media, communications, education and information industries. WMG will handle administration for music publishing and distribution for recorded music, drawing on its vast, deep-rooted music industry expertise, resources and network. Tempo will enlist Influence Media Partners, a new management company, to explore investment opportunities and drive catalog performance.

“More than ever before, the long-lasting value of music is being recognized outside the music industry. We’ll be devoted stewards of these amazing catalogs created by songwriters and recording artists across the globe, and WMG is very happy to be partnering with Providence in this pioneering venture,” said Stu Bergen, CEO, International and Global Commercial Services, Warner Music Group.

Josh Empson, Managing Director 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. With 15 nominations and five Grammy wins including Producer of the Year, Bhasker has worked with some of the biggest names in the business. McAnally is a three-time Grammy winner and seven-time nominee who also serves as Co-President of Monument Records. Independent artist Rector is a rising singer-songwriter with success in licensing music across numerous TV shows, national ad campaigns and movie trailers.