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Warner Music, Providence to Invest $650 Million in Old Songs

  • New fund, called Tempo Music Investments, will go shopping
  • Value of music copyrights has soared thanks to streaming
Jeff Bhasker and Bruno Mars accept the Record Of The Year award for 'Uptown Funk' onstage during The 58th GRAMMY Awards in Los Angeles on Feb. 15, 2016.

Jeff Bhasker and Bruno Mars accept the Record Of The Year award for 'Uptown Funk' onstage during The 58th GRAMMY Awards in Los Angeles on Feb. 15, 2016.

Photographer: Kevin Winter/WireImage via Getty Images

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Warner Music Group is teaming up with private equity giant Providence Equity Partners to go shopping for hit songs.

The two companies plan to invest as much as $650 million in a new platform called Tempo Music Investments, which will acquire music catalogs, they said Tuesday. Providence has provided most of the capital, while Warner, the world’s third-largest music company, will provide expertise and resources in identifying and managing the songs.