WMG SETS THE TEMPO

Warner Music Group is launching a $650m fund with Providence Equity Partners to acquire recorded music and music publishing catalogs. Called Tempo Music Investments, it will rely on the expertise of Lynn Hazan’s and Lylette Pizarro’s Influence Media Partners.

Among the first acquisitions of the venture are selected copyrights of songwriters Jeff Bhasker, Shane McAnally and Ben Rector.

WMG will handle administration for music publishing and distribution for recorded music. Tempo will enlist Influence Media Partners, a new management company, to explore investment opportunities and drive catalog performance.

Most of the equity in Tempo comes from Providence.

“More than ever before, the long-lasting value of music is being recognized outside the music industry,” said Stu Bergen, CEO, International and Global Commercial Services, Warner Music Group. “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.”