Warner Music Launches $650 Million Investment Platform With Equity Firm Providence
Tempo Music's first acquisitions are select copyrights from Jeff Bhasker, Shane McAnally and Ben Rector.
Warner Music Group has partnered with private equity firm Providence to launch a new catalog investment platform called Tempo Music Investments. According to a press release, Tempo begins life with $650 million in equity and debt capacity — most of that coming from Providence.
WMG will be handling administration for publishing and distribution for recorded music, while Influence Media Partners, a management company founded by Lylette Pizarro McLean and co-managed by music industry veteranLynn Hazan, has been enlisted to explore new investment opportunities.
Some of Tempo’s first acquisitions include select copyrights of songwriters Jeff Bhasker, Shane McAnally and Ben Rector.
“More than ever before, the long-lasting value of music is being recognized outside the music industry,” commented Stu Bergen, CEO, International and Global Commercial Services, WMG. “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.”
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.”
Rhode Island-based Providence specializes in companies working in media, communications, education and information, and has a portfolio that includes Hulu, Topgolf and the Yankees Entertainment & Sports Network