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Warner Music Group has acquired a controlling stake in Tempo Music Investments, an investment platform for premium music rights, from Providence Equity Partners.
Providence will remain a minority investor in Tempo and continue to work with WMG in an advisory capacity.
Warner Music Group and Providence partnered to launch Tempo in 2019 to build value around artists and songwriters globally. WMG’s investment is set to see further growth as rights revert to Tempo, expanding the scope of their administration and distribution.
Guy Moot, co-Chair and CEO of Warner Chappell, said: “By acquiring Tempo’s impressive catalogue, we’re expanding Warner Chappell’s reach, bringing rights from songwriters we currently don’t represent, as well as additional rights from songwriters with whom we’re already partners. Tempo has assembled a thoughtful, well-rounded catalogue and I’m excited to dig into new opportunities and unlock more value for these songs.”
Tempo has assembled a thoughtful, well-rounded catalogue and I’m excited to dig into new opportunities and unlock more value for these songs
Guy Moot
Michael Ryan-Southern, WMG’s EVP, chief corporate development officer, added: “WMG and Tempo have a long-standing history and aligned interests in uplifting great music and catalogues. This deal is a natural fit for us, and a good example of how our investment strategy is designed to build our scale and influence, while delivering additional revenue at a high margin.”
Michael Dominguez, senior managing director and chief investment officer at Providence, said: “The Tempo team has built a high-quality catalogue over the years with top artists and songwriters, and has benefited from a close partnership with WMG since its foundation. This is an exciting next step in the company’s evolution and a natural home for its catalogue. We look forward to continuing to work with WMG and to support Tempo’s next phase of growth.”
Tempo has acquired music rights from leading songwriters, many of them co-published by Warner Chappell, including Twenty One Pilots’ Tyler Joseph, Wiz Khalifa, Florida Georgia Line, Brett James, Shane McAnally, Lukas Graham, Stefan Forrest, Morten Pilegaard, Morten Ristorp Jensen and Jaramye Daniels.
Tempo has also acquired rights from songwriters, artists, and producers including the Jonas Brothers, Ben Rector, Korn, Mia Fieldes, Philip Lawrence (Bruno Mars, Adele), Frank Ocean collaborator Malay, and Jeff Bhasker.
Moelis & Company acted as financial advisor and Weil, Gotshal & Manges LLP served as legal advisor to Tempo and Providence.
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