NEW YORK (CelebrityAccess) — Label giant Warner Music Group announced they are partnering with private equity investor Providence Equity Partners to create Tempo Music Investments, a major investment vehicle for the recorded music sector.
Tempo was launched with an initial stake of $650 million, with the lion’s share of the initial investment coming from Providence. WMG will handle administration for music publishing and distribution for recorded music.
Additionally, Tempo will enlist Influence Media Partners, a new management company, to discover investment opportunities and help drive the catalog of the new partnership.
“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.
Among Tempo Music Investment’s first acquisitions are selected copyrights of Grammy Award-winning songwriters Jeff Bhasker, Shane McAnally and Ben Rector.
Bhasker, AKA Billy Kraven, has earned 15 Grammy nominations and five wins, writing songs for numerous high profile artists, including Kanye West, Jay-Z, and Mark Ronson.
McAnally, who has penned hits for Keith Urban, Kacey Musgraves, and Luke Bryan, among numerous others has won three Grammys and currently 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.