Warner Music Group (WMG), led by CEO Robert Kyncl, said on Thursday that it has acquired a controlling stake in Tempo Music Investments, an investment platform for premium music rights, from Providence Equity Partners.

Financial terms werent disclosed. Providence will remain a minority investor in Tempo and continue to work with WMG in an advisory capacity, the companies said. WMGs investment will also become more accretive over time, as other rights revert to Tempo, and expand the scope of WMGs administration and distribution. WMG and Providence partnered to launch Tempo in 2019, combining Providences capital and investment expertise with WMGs music industry expertise and network to support, promote, and build value around artists and songwriters globally. Through a disciplined approach to investments and collaborative work with creative talent, Tempo has amassed a diverse portfolio that focuses on empowering artists and songwriters, while delivering compelling financial results, the music major said.

Said Guy Moot, co-chair and CEO of Warner Chappell: By acquiring Tempos impressive catalog, were expanding Warner Chappells reach, bringing rights from songwriters we currently dont represent, as well as additional rights from songwriters with whom were already partners. Tempo has assembled a thoughtful, well-rounded catalog and Im excited to dig into new opportunities and unlock more value for these songs.

And Michael Ryan-Southern, WMGs executive vp, chief corporate development officer, said: WMG and Tempo have a long-standing history and aligned interests in uplifting great music and catalogs. This deal is a natural fit for us, and a good example of how our investment strategy is designed to build our scale and influence, while delivering additional revenue at a high margin.

Michael Dominguez, senior managing director and chief investment officer at Providence, added: The Tempo team has built a high-quality catalog over the years with top artists and songwriters, and has benefitted from a close partnership with WMG since its foundation. This is an exciting next step in the companys evolution and a natural home for its catalog. We look forward to continuing to work with WMG and to support Tempos next phase of growth.

Tempo has acquired music rights from key songwriters, many of whom Warner Chappell co-publishes, including Twenty One Pilots Tyler Joseph, Wiz Khalifa, country duo Florida Georgia Line, Grammy-winning songwriters Brett James and Shane McAnally, as well as Lukas Graham songwriters Stefan Forrest, Morten Pilegaard, Morten Ristorp Jensen, and Jaramye Daniels.

Tempo has also acquired rights from top songwriters, artists, and producers, including the Jonas Brothers, Ben Rector, and Korn; singer-songwriter Mia Fieldes; Grammy-winning songwriter, producer, and CMNTY Culture founder Philip Lawrence (24k Magic and Uptown Funk by Bruno Mars, All I Ask by Adele); Grammy-winning songwriter, producer, engineer, and Frank Ocean collaborator Malay; and Grammy-winning artist, songwriter, and producer Jeff Bhasker.

Moelis Co. acted as financial advisor and Weil, Gotshal Manges LLP served as legal advisor to Tempo and Providence.