Feb 6 (Reuters) - Warner Music Group WMG.O said on Thursday it has acquired a controlling stake in Tempo Music, helping it expand its intellectual property portfolio by gaining rights for songs by artists such as Bruno Mars, Adele and Wiz Khalifa.
The deal values Tempo at around $450 million, sources familiar with the matter told Reuters.
Shares of the company rose 1.1% in premarket trading. Separately on Thursday, Warner Music also reported revenue of $1.67 billion for the first quarter, compared with the average of analysts' estimate of $1.66 billion, according to data compiled by LSEG.
New York-based Warner Music is acquiring the stake from Providence Equity Partners, who will remain a minority investor in Tempo and continue to work with Warner in an advisory role.
"By acquiring Tempo's impressive catalog, we're expanding Warner Chappell's reach, bringing rights from songwriters we currently don't represent, as well as additional rights from songwriters with whom we're already partners," said Guy Moot, CEO of Warner Chappell, the music publishing arm of Warner Music Group.
Warner Music Group partnered with investment firm Providence to launch Tempo in 2019.
Tempo quickly amassed a diverse catalog, holding music rights for leading songwriters, artists and producers such as Twenty One Pilots' Tyler Joseph, Wiz Khalifa and Jonas Brothers.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Leroy Leo)
((HarshitaMary.Varghese@thomsonreuters.com;))
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