KKR & Co. has taken a majority stake in the music catalog of OneRepublic and songs its lead singer wrote with artists including Beyonce, Adele and U2.
The stake includes music publishing and recorded music rights for nearly 500 songs from the pop-rock band as well as music frontman Ryan Tedder wrote with other artists, according to a statement Monday. Tedder will retain a stake in his music, and representatives Patriot Management and Mtheory are also participating in the deal.
Music rights deals have become popular amid the pandemic as artists cut off from touring look to raise cash. Neil Young, Bob Dylan and Fleetwood Mac’s Stevie Nicks are among artists that have sold all or part of their catalogs in recent months.
Terms of the deal weren’t disclosed. KKR is making the investment through its Dislocation Opportunities Fund and private credit vehicles. Interscope Records will continue to own OneRepublic’s master recordings.
OneRepublic is known for hits like 2013’s “Counting Stars” and 2007’s “Stop and Stare.” Songs written by Tedder, whose credits include music for the band and other artists including Cardi B, Lady Gaga and Paul McCartney, have sold more than 420 million copies. He’s a three-time Grammy winner for his work on Adele’s albums “21” and “25” and Taylor Swift’s “1989.”