(RTTNews) - Warner Music Group (WMG) and Bain Capital, a global private investment firm, are launching a joint venture to allow for the purchase of up to $1.2 billion of legendary music catalogs across both recorded music and music publishing. It was formed through equal equity commitments from WMG and Bain Capital. WMG and Bain Capital will together source and acquire the catalogs. WMG will manage all aspects of marketing, distribution, and administration.
Robert Kyncl, CEO, Warner Music, said: "Augmenting our deep expertise and global infrastructure with Bain Capital's financial prowess and belief in music will make us the destination of choice for preeminent catalogs."
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