NEW VENTURES: Warner Music Launches $650 Million Investment Platform With Equity Firm Providence
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.
“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.”
WMG will be handling administration for publishing and distribution for recorded music, while Influence Media Partners, a rights management company founded by Lylette Pizarro McLean and co-managed by music industry veteran Lynn Hazan, has been enlisted to manage the assets in the Tempo portfolio and explore further investment opportunities.
Warner Music Group has partnered with private equity firm Providence to launch a new catalog investment platform called Tempo Music Investments.