NEW YORK (CelebrityAccess) — Warner Music Group and private equity investment firm Bain Capital launched a new joint venture to oversee the acquisition of up to $1.2 billion in music catalogs.
The joint venture will seek opportunities in both recorded music and music publishing, with both WMG and Bain collaborating to identify and acquire catalog while WMG will oversee all aspects of marketing, distribution, and administration.
“Iconic artists and songwriters choose WMG to grow their legacies and introduce their art to new generations through impactful and innovative campaigns,” said Robert Kyncl, CEO, Warner Music Group. “Augmenting our deep expertise and global infrastructure with Bain Capital’s financial prowess and belief in music will make us the destination of choice for preeminent catalogs.”
“Timeless music content continues to sit at the center of consumer entertainment,” said Angelo Rufino, a Partner at Bain Capital. “Stewardship of catalogs has never been more important as artists and songwriters deserve support to enhance the value of their work while delivering fans new and exciting collaborations. Warner Music Group, with its deep creative resources and partnership culture, is the ideal partner for Bain Capital to work alongside as we grow and safeguard the world’s iconic music.”
Goldman Sachs and Fifth Third Bank will serve as joint lead arrangers to the joint venture.
