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Providence, Warner Music to invest $650M in JV

Private equity firm Providence Equity Partners Inc. and Warner Music Group Corp. plan to invest up to $650 million in a music catalogs platform, Bloomberg News reported.

Providence contributed most of the capital to the joint venture platform, Tempo Music Investments, while Warner will offer its expertise and resources in identifying and managing hit songs, the report said.

The joint venture has already acquired copyrights from songwriters Jeff Bhasker, Shane McAnally and Ben Rector.

Providence previously owned a stake in Warner Music, Bloomberg said.