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Warner Music Group Buys Majority Stake in Tempo in $450 Million Deal
Warner Music Group ibuys a controlling stake in Tempo Music Investment, a catalog firm that owns rights to songs by Wiz Khalifa, Florida Georgia Line.
“Tempo has assembled a thoughtful, well-rounded catalog and I’m excited to dig into new opportunities and unlock more value for these songs,” Guy Moot, co-chair and chief executive of Warner Chappell, said in a statement. Last June, WMG announced it hired one of Goldman Sachs’ top music investment bankers, Michael Ryan Southern, to serve as its executive vice president of corporate development, overseeing mergers and acquisitions. “This deal is … a good example of how our investment strategy is designed to build our scale and influence, while delivering additional revenue at a high margin.”
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