\nLeading global investment firm KKR<\/a>, together with Ryan Tedder, songwriter, musician, producer and lead vocalist of OneRepublic, today announced that KKR has agreed to acquire a majority stake of the music catalog of Tedder and OneRepublic, including music publishing and recorded music rights. Following the acquisition, Tedder will retain an interest in his music alongside KKR. Tedder\u2019s management, Patriot Management<\/a>,<\/span> and artist development company mtheory<\/a>, through its MTC Music Royalties fund, will also participate in the equity transaction. Interscope Records will continue to own the master recordings of OneRepublic.\n<\/p>\n
\nThe catalog includes nearly 500 songs written, recorded or produced by three-time Grammy winner Tedder for OneRepublic and other artists, including songs Tedder has written with Beyonce, U2, Paul McCartney, Adele, Stevie Wonder, Ed Sheeran, Lady Gaga, Cardi B, Jonas Brothers, Thomas Rhett and all OneRepublic songs including their massive hits \u201cApologize,\u201d \u201cSecrets\u201d and \u201cCounting Stars,\u201d which just passed 40 million in sales and is one of the highest selling singles in Interscope Records\u2019 history. Songs written by Tedder have sold over 420 million copies, or the equivalent of 63 billion streams.\n<\/p>\n
\nCentered around an \u201cartist-first\u201d approach and in collaboration with Tedder, KKR plans to leverage the firm\u2019s vast network, resources and global scale as well as its deep experience successfully investing in market-leading music, digital, media and content businesses to expand upon the success and reach of Tedder and OneRepublic\u2019s music.\n<\/p>\n
\n\u201cThe music industry is undergoing an incredible period of transformation,\u201d shared Tedder. \u201cStreaming and all forms of digital content are not only providing new avenues for how we consume music, but also for how artists can reach new audiences in a much more immersive way. KKR really stood out to us from every metric that mattered and it truly impressed upon me and my team their commitment to music as a true focus and passion moving forward.\u201d\n<\/p>\n
\n\u201cWe are excited to partner with Ryan on both his extraordinary body of creative work and on pursuing future opportunities together. At KKR, we are focused on a number of investment initiatives across the music and entertainment industries and we believe Ryan\u2019s unique combination of artistic brilliance and business acumen will help us amplify these efforts,\u201d said Nat Zilkha, Partner at KKR and Chairman of Gibson Brands, a portfolio company of KKR.\n<\/p>\n
\n\u201cKKR\u2019s collaborative approach across investment strategies allows us to provide highly flexible and creative capital solutions to artists and companies across the music and entertainment industry. We are looking forward to partnering with Ryan and other leading artists to support their art and innovation,\u201d added Jenny Box, Partner at KKR.\n<\/p>\n
\n\u201cRyan is one of the most creative artists of our time,\u201d said Ron Laffitte, President of Patriot Management. \u201cWe were looking for a strategic partner to help us build on Ryan\u2019s incredible success and find new ways to empower his artistic genius. KKR stood out immediately because they understand that the artist should be at the center of everything that involves the creator\u2019s creation.\u201d\n<\/p>\n
\nKKR has experience investing in artist-centric businesses, including household names in the music industry such as Gibson Brands, Alpha Theta (f.k.a. Pioneer DJ) and BMG. KKR also has broad experience investing in the digital media and content sectors, including investments in ByteDance (TikTok), Jio Platforms, Epic Games, AppLovin, OverDrive, RBmedia, WebMD, UFC, Leonine, Next Issue Media and Nielsen.\n<\/p>\n
\n\u201cWe believe that KKR, with its ability to leverage its vast investment platform to bring innovation to our industry, will be the ideal partner to support Ryan in his future endeavors,\u201d said Nick Geller, COO of Patriot Management. \u201cWe are excited to work with Nat, Jenny and the rest of the KKR team on this opportunity, and to be a part of their various initiatives in the music industry going forward.\u201d\n<\/p>\n
\nKKR is investing in the catalog through its Dislocation Opportunities Fund and private credit vehicles. Jordan Keller and Sarah Smith of Keller, Turner, Andrews & Ghanem represented the Sellers, and Latham & Watkins and FTI Consulting served as advisors to KKR on the transaction. Further terms were not disclosed.\n<\/p>\n
About KKR<\/b><\/p>\n
\nKKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR\u2019s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR\u2019s website at www.kkr.com<\/a> and on Twitter @KKR_Co.\n<\/p>\n About Ryan Tedder<\/b><\/p>\n \n3x Grammy award winning songwriter and producer, Ryan Tedder, has worked with everyone from Adele to Paul McCartney, Beyonce, Taylor Swift, John Legend and Anitta in addition to being the lead singer, writer and producer of the multi-platinum selling band OneRepublic. Most recently, Tedder has co-written two #1 country singles including the current country #1 \u201cChampagne Nights\u201d by Lady A, the #1 global airplay hit of 2019 (\u201cSucker\u201d by Jonas Brothers), Lady Gaga and Elton John\u2019s \u201cSine From Above\u201d, Alicia Key\u2019s \u201cLove Looks Better\u201d, Blackpink & Cardi B\u2019s \u201cBet You Wanna, four songs on Miley Cyrus\u2019s album PLASTIC HEARTS, and Anitta\u2019s \u201cMe Gusta Feat. Cardi B and Myke Towers\u201d, as well as serving as an executive producer on upcoming albums by Jessie J, Bastille, Anitta, DNCE, Jonas Brothers & OneRepublic. Last summer, Tedder, along with OneRepublic and Kygo, released \u201cLose Somebody\u201d. As a producer, he received the Grammy award for \u201cAlbum of the Year\u201d for the Albums 21, 1989, and 25. As a songwriter, Tedder has received the National Music Publishers\u2019 Association\u2019s Songwriter Icon Award at the NMPA annual meeting, as well as the Diamond Award certified by the RIAA. He is also a producer and mentor on the hit primetime show, Songland.\n<\/p>\n About OneRepublic<\/b><\/p>\n \nOneRepublic is comprised of Ryan Tedder, Brent Kutzle, Zach Filkins, Drew Brown, Eddie Fisher and Brian Willett. They released their debut album DREAMING OUT LOUD in 2007 and The release included the multi-platinum-selling smash single \u201cApologize,\u201d which shattered digital sales and airplay records worldwide and received a Grammy Award nomination. The band\u2019s sophomore album, 2009\u2019s WAKING UP, produced the hit singles \u201cAll the Right Moves,\u201d \u201cSecrets\u201d and \u201cGood Life.\u201d The certified-platinum album NATIVE followed in 2013, featuring the No.1 hit and 40 million plus-selling single \u201cCounting Stars,\u201d along with a worldwide tour. OneRepublic released OH MY MY, their fourth full-length album in 2016. During the spring of 2019, the band released \u201cStart Again ft. Logic,\u201d a song featured on the soundtrack for the Netflix drama 13 Reasons and \u201cConnection\u201d which was part of FCA\u2019s Summer of Jeep campaign. OneRepublic has amassed 5B streams on Spotify to date. OneRepublic\u2019s tracks, \u201cRescue Me,\u201d \u201cSomebody To Love\u201d, \u201cWanted\u201d, \u201cDidn\u2019t I\u201d, and \u201cBetter Days\u201d from their upcoming album, HUMAN, are out now. OneRepublic most recently released \u201cWild Life\u201d, which appeared in Disney+\u2019s original movie, Clouds.\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210111005387\/en\/<\/a><\/span><\/p>\n Media:<\/b><\/p>\n \nFor KKR: \nFor Ryan Tedder: \nFor Patriot Management:<\/p>\n
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Cara Major or Miles Radcliffe-Trenner
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media@kkr.com<\/a><\/p>\n
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Dvora Englefield @ The Lede Company
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Dvora.Englefield@ledecompany.com<\/a><\/p>\n
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Amanda Silverman @ The Lede Company
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Amanda.Silverman@ledecompany.com<\/a><\/p>\n