The new venture launches with the acquisitions of selected copyrights from songwriters Shane McAnally, Jeff Bhasker, and Ben Rector.
Providence provided most of the equity for Tempo, which launches with $650 million in equity and debt capacity. Warner will handle music publishing administration as well as recorded music distribution.
Tempo will enlist management company Influence Media Partners to explore investment opportunities and drive catalog performance. The female-founded and operated Influence Media Partners is based in New York City and is led by founder/co-managing partner Lylette Pizarro and co-managing partner Lynn Hazan.
“Music has always been the center of influence and culture, and it begins with great songwriters and artists. We are energized, passionate and confident about the opportunity we have to build a world-class platform supporting a creative community I so deeply care about.” Pizarro said.
“My songs are second only to my kids in creating a legacy that I hope will live on long past me. I found a true trusted partner in Influence Media and their long-term vision for my existing catalogue, as well as our collaboration going forward. It is an incredible time for our newfound partnership, and getting to celebrate the highly anticipated Blake Shelton/Gwen Stefani duet is just the beginning.” McAnally added.
“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.
Josh Empson, managing director at Providence, said, “It is a privilege to partner again with Warner Music Group. We are excited about this innovative new relationship, which combines Providence’s investment expertise in media with WMG’s distinctive skill in working with and recognizing top artists and assets in music. We look forward to partnering with WMG and our investment management team to support creators and build a best-in-class portfolio of music assets.”
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