WMG Partners With Providence Equity

• Warner Music Group (WMG) and Providence Equity Partners announced plans to invest in world-class recorded music and music publishing catalogs via a newly established platform, Tempo Music Investments. Among the first acquisitions of this venture are selected copyrights of Grammy Award-winning songwriters Jeff Bhasker, Shane McAnally and Ben Rector.

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,” said Stu Bergen, CEO, International and Global Commercial Services, Warner Music Group. “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.”