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 catalogue 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 catalogue that has nearly 500 songs, including those co-written with popular acts such as Beyonce, Lady Gaga, Paul McCartney and U2. The catalogue 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.
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.
OneRepublic performed in the UAE last year at the Dubai Jazz Festival. During the band’s interview with Gulf News, the American rock band spoke about holding their ground without buckling to pressures from labels to conform to a certain sound.
“I think our situation is probably unique,” explained guitarist Drew Brown. “We have less involvement from the record label. We have less of chiming in than other acts. In general, I don’t think anybody would put as much pressure on us than ourselves.” — With inputs from Bindu Rai, Entertainment Editor