Three years ago, MBW told you that Tempo Music, the music rights fund launched by private equity giant Providence, was looking to sell its records at a valuation of about $500 million.
The sale didn’t happen. as interest rate The music industry’s blockbuster takeover activity has cooled as markets such as the UK and US begin to rise sharply.
Over the last year, though, interest rate talk has picked up as interest rates in major regions have fallen and/or looked more stable. speed.
October, MBW Predict the music M&A market will soon see a trend of PE-backed companies (formerly known as music rights) buyer become seller – Acquisition speed Might be on the card again.
Now we’re hearing increasingly louder whispers that we’re weeks away from the conclusion of this story: a sale Rhythmic The portfolio valuation is approx. US$500 million.
We’ve learned that among those involved in active negotiations to complete the acquisition is at least one major music companyplus independent and financial support player.
Since its launch in 2019, rhythm music Directory of rights/income streams acquired for stars, including Wiz Khalifa “Twenty One Pilots” (via Tyler Joseph), Cohen, Florida Georgia Lineand hit songwriter/producer philip lawrence.
providence Tempo Music originally launched in 2019 in partnership with Warner Music Group.
From 2021 onwards, speed The company is now run by chief executive Josh Empson after the exit of former chief executive Sherrese Clarke Soares, who now runs HarbourView.
However, speed The company’s presence in the music M&A market has been modest for some time.
Providence’s website shows that the most recent news announcements regarding Tempo’s catalog acquisitions, including a deal with Twenty One Pilots’ Tyler Joseph, date back to 2021.
Rhythmic Its own official website appears to be no longer online.
last year, rhythm music sued miley cyrus and several music industry companies, including Sony Music, Live Nation, Warner Chappell, and Concord Music Publishing Housealleging copyright infringement.
Rhythmic Lawsuit alleges Cyrus’ huge success flowers Illegal plagiarism Bruno Mars smash Consider me your man.
speed Obtained a certain percentage of copyright when I was your man from philip lawrenceone of the song’s co-writers, in 2020.
“Any fan Bruno Mars when I was your man Know miley cyrus flowers Didn’t achieve all this success alone.
flowers Said to “reproduce many melodic, harmonic and lyrical elements when I was your manincluding the melodic pitch design and verse sequence, the connecting bass line, certain bars of the chorus, certain dramatic musical elements, lyrical elements, and specific chord progressions,” the complaint adds.global music business
