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$1bn-backed Tempo gets buying; new CEO says it has a 'best-in-class portfolio'

May 3, 2021
Wiz Khalifa (Atlantic Records)
It’s been a seemingly bumpy 18 months for Tempo Music Investments, the New York-based portfolio company of Providence Equity Partners, since it launched in Q4 2019.
The fund, a partner of Warner Music Group, has accumulated over a billion dollars to spend… but in a music biz of near-daily catalog acquisition announcements, has been a conspicuously quiet player to date.
(So much so, Merck Mercuriadis, CEO of rival Hipgnosis Songs Fund, told MBW earlier this year: “I’ve never once felt Tempo in literally any of the deals we’ve made.”)
And in January, Tempo’s CEO, Sherrese Clarke Soares – a Morgan Stanley veteran – abruptly exited her position at the company. ....

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