WMG, Bain Capital Talking Partnership To Buy Music Catalogs

Warner Music Group (WMG) and Bain Capital, a Boston-based private equity firm, are reportedly in advanced discussions to establish a $1 billion joint venture aimed at acquiring music catalogs. 

This partnership, driven by an equity investment from Bain, would allow WMG to pursue larger catalog purchases while minimizing its own capital outlay, leveraging Bain’s financial backing to compete in a highly competitive market. 

The talks reflect a broader trend in the music industry where rising interest rates and fierce competition for valuable music rights—such as those of iconic acts like the Red Hot Chili Peppers—have pushed major companies to team up with outside investors. This strategy helps bolster their bids and address shareholder concerns over the high costs of prized catalogs.

The joint venture comes in the wake of significant catalog sales, like Sony Music’s $1.27 billion acquisition of Queen’s catalog in 2024, highlighting the booming market for music rights. WMG, one of the "big three" global record labels alongside Universal and Sony, has prior experience with such investments, having been an early backer of catalog-focused entities like Tempo Music Group and Influence Media. Its recent $450 million acquisition of Tempo Music on February 6, 2025, which included songs by artists like Wiz Khalifa and Florida Georgia Line, underscores its aggressive pursuit of music assets. Bain Capital, a long-time player in the music space, was part of the investor group that bought WMG for $2.6 billion in 2004, marking a historical tie between the two.

The deal is being shaped by WMG’s head of corporate and business development, Michael Ryan-Southern, who joined from Goldman Sachs in 2024 and has a track record of structuring music industry transactions.