Catalog includes rights in songs recorded
by Bruno Mars, Twenty One Pilots,
Adele, Wiz Khalifa, Florida Georgia Line, and Lukas Graham
Providence Equity Partners to Remain a
Minority Investor
NEW
YORK, Feb. 6, 2025 /PRNewswire/ -- Warner Music
Group Corp. ("Warner Music Group" or "WMG") today announced that it
has acquired a controlling stake in Tempo Music Investments
("Tempo"), an investment platform for premium music rights, from
Providence Equity Partners ("Providence"). Providence will remain a minority investor in
Tempo and continue to work with WMG in an advisory capacity.
WMG and Providence partnered to
launch Tempo in 2019, combining Providence's capital and investment expertise
with WMG's deep music industry experience, resources, and network
to support, promote, and build value around artists and songwriters
globally. Through its disciplined approach to investments and
collaborative work with creative talent, Tempo has amassed a
diverse portfolio that focuses on empowering artists and
songwriters, while delivering compelling financial results. WMG's
investment will also become more accretive over time, as other
rights revert to Tempo, and expand the scope of WMG's
administration and distribution.
Guy Moot, Co-Chair and CEO of Warner
Chappell said: "By acquiring Tempo's impressive catalog,
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 catalog and I'm excited to dig into new opportunities
and unlock more value for these songs."
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 catalogs. 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 catalog over the years with top artists and
songwriters, and has benefitted 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 catalog. We look
forward to continuing to work with WMG and to support Tempo's next
phase of growth."
Since inception, Tempo has acquired music rights from some of
today's leading songwriters, many of whom Warner Chappell co-publishes, including Twenty
One Pilots' Tyler Joseph,
multi-platinum-selling recording artist Wiz
Khalifa, country duo Florida Georgia
Line, GRAMMY® Award-winning songwriters
Brett James and Shane McAnally, as well as Lukas Graham songwriters Stefan Forrest, Morten
Pilegaard, Morten Ristorp Jensen, and Jaramye Daniels.
Tempo has also acquired rights from top songwriters, artists,
and producers including artists such as the Jonas Brothers,
Ben Rector and Korn;
singer-songwriter Mia Fieldes;
GRAMMY® Award-winning songwriter, producer, and CMNTY
Culture founder Philip Lawrence
("24k Magic" & "Uptown Funk"
Bruno Mars, "All I Ask" Adele, and
more); GRAMMY® Award-winning songwriter, producer,
engineer, and Frank Ocean
collaborator Malay; and GRAMMY® Award-winning artist,
songwriter, and producer Jeff
Bhasker.
Moelis & Company acted as financial advisor and Weil,
Gotshal & Manges LLP served as legal advisor to Tempo and
Providence.
About Tempo Music Investments
Tempo is an investment platform for premium music rights. Guided by
the idea that premium content provides attractive returns for all,
Tempo exists to support, invest in, and build value around the
creative ecosystem. Tempo's investment decisions are driven by a
disciplined approach, informed by both art and science, that
focuses on delivering compelling financial results while empowering
the artists and creators who drive our culture.
About Warner Music Group
Warner Music Group (WMG)
brings together artists, songwriters, entrepreneurs, and technology
that are moving entertainment culture across the globe. Operating
in more than 70 countries through a network of affiliates and
licensees, WMG's Recorded Music division includes renowned labels
such as 10K Projects, 300
Entertainment, Asylum, Atlantic, Big Beat, EastWest, Elektra,
Erato, First Night, Fueled By Ramen, Nonesuch, Parlophone, Reprise,
Rhino, Roadrunner, Sire, Spinnin', Warner
Records, Warner Classics, and Warner Music Nashville. WMG's
music publishing arm, Warner Chappell
Music, has a catalog of over one million copyrights spanning
every musical genre, from the standards of the Great American
Songbook to the biggest hits of the 21st century. Warner Music
Group is also home to ADA, which supports the independent
community, as well as artist services division WMX. Follow WMG on
Instagram, X, TikTok, LinkedIn, and Facebook.
About Providence Equity Partners
Providence Equity
Partners is a specialist private equity investment firm focused on
growth-oriented media, communications, education, and technology
companies across North America and
Europe. Providence combines its partnership approach
to investing with deep industry expertise to help management teams
build exceptional businesses and generate attractive returns. Since
its founding in 1989, Providence
has invested over $38 billion across
more than 180 private equity portfolio companies. With its
headquarters in Providence, RI,
the firm also has offices in New
York, London, Boston, and Atlanta. For more information, please visit
www.provequity.com.
Media Contacts
Tempo
Andrea Mateer
Andrea@tempomusic.com
Warner Music Group
James
Steven / Summer Wilkie
James.Steven@wmg.com / summer.wilkie@wmg.com
Providence Equity Partners
Kelsey Markovich / Kate Gorgi
FGS Global
ProvidenceEquity@fgsglobal.com
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SOURCE Warner Music Group Corp.
