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 weren’t disclosed. “Providence will remain a minority investor in Tempo and continue to work with Wmg in an advisory capacity,” the companies said. “Wmg’s investment will also become more accretive over time, as other rights revert to Tempo, and expand the scope of Wmg’s administration and distribution.”

Wmg and Providence partnered to launch Tempo in 2019, combining Providence’s capital and investment expertise with Wmg’s 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,...