January 13, 2021
(Reuters) – Private equity firm KKR & Co will buy a majority stake in Grammy award winning songwriter and producer Ryan Tedder and American pop rock band OneRepublic’s music catalog that includes hits such as “Counting Stars” and “Apologize”.
KKR, with investments in TikTok parent ByteDance and music company BGM, will also have publishing and recorded music rights to the catalog that has nearly 500 songs, including those co-written with popular acts such as Beyonce, Lady Gaga, Paul McCartney and U2. (https://bit.ly/2LGahmm)
The catalog is valued at nearly $200 million, a source with knowledge of the matter said. KKR declined to comment on the deal value.
Tedder’s management and artist development companies will also take part in the equity transaction, KKR said on Monday.
Record label Interscope Records will continue to own the master recordings of OneRepublic, of which Tedder is the frontman.
KKR said it wants to expand the reach of Tedder’s music, with its investment experience in digital, media and music businesses.
Tedder has also written songs with Stevie Wonder, Ed Sheeran, Cardi B and the Jonas Brothers.
Keller, Turner, Andrews & Ghanem represented Tedder and OneRepublic, while Latham & Watkins and FTI Consulting served as advisors to KKR on the transaction.
(Reporting by Chavi Mehta and Noor Zainab Hussain in Bengaluru and Chibuike Oguh in New York; Editing by Krishna Chandra Eluri)