Warner Music Group completed the acquisition of a majority stake in Tempo Music from Providence.

Warner Music Group, an American multinational entertainment and record label conglomerate, completed the acquisition of a majority stake in Tempo Music, an investment platform for premium music rights, from Providence, a global private equity investment firm. Financial terms were not disclosed. "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 Ryan-Southern, Warner Music Group EVP and Chief Corporate Development Officer.