KKR & Co. Inc. has joined a feeding frenzy for lucrative song rights after agreeing to buy a majority stake in the catalogue of songwriter Ryan Tedder, who has penned hits for Beyoncé, Adele, Paul McCartney and Stevie Wonder.
KKR said it would work to expand the reach of Mr Tedder’s music, the catalogue includes nearly 500 songs that have sold more than 420 million copies, or the equivalent of 63 billion streams, through its network of digital investments. The private equity group also has stakes in TikTok owner ByteDance, India’s Jio Platforms and Fortnite game maker Epic Games.
The New York-headquartered group, which made the investment through its Dislocation Opportunities Fund, has targeted music in the past. It was an original investor in music company BMG – The New Music Company when it was relaunched in 2009.