NEW YORK (CelebrityAccess MediaWire) — Former Warner/Chappell chairman and CEO Les Bider has joined Elevation Partners, a private equity firm co-founded by U2 frontman Bono, as the company looks to invest in the music business.
Bider will serve as Elevations executive-in-residence overseeing investments in the industry.
In his new role, Bider will assist the firm assessing music-related investment opportunities and may become involved in managing its music assets, according to Billboard.biz.
“His more than two decades of experience in music publishing will be invaluable as we pursue initiatives in music,” Roger McNamee, Managing Director and co-founder of Elevation said in a statement.
The move immediately establishes Elevation as a serious player in chasing a variety of music assets looking for an investor and/or buyer, particularly in the music publishing business. A number of big name publishing houses could be in play in the coming months, including Bider’s old home Warner/Chappell, and Bertelsmann’s publishing arm BMG Music publishing and Windswept.
Elevation has $1.9 billion in capital to be invested over the next several years and is looking to park the money in media and entertainment assets. The firm is particularly interested in intellectual property and content-oriented businesses in need of financing partners to help drive growth and profitability.
Bider declined to name specific targets the firm is looking at, but says Elevation has not ruled out any investments on the basis of their size, according to Billboard.
“We’re willing to take a look at all sizes,” he said. “It depends on the opportunity. We wouldn’t discard anything because it is too large or too small.”
With Bider at the helm, Warner/Chappell transformed from a $30 million a year business to one generating over half a billion dollars a year. He left the company in February of last year, after nearly 25 years. –by CelebrityAccess Staff Writers