Warner Bros. Discovery (WBD) and Cutting Edge Group (CEG), the leading specialist investor in and manager of media music rights, have formed a joint venture (JV) to co-own and manage WBD’s vast catalog of film and TV music, according to Cutting Edge Group. This marks one of the largest music rights deals ever transacted.
The portfolio includes over 400,000 compositions and song cues from iconic franchises like Harry Potter, Lord of the Rings, and DC Comics movies, as well as popular TV shows such as Friends, Game of Thrones, The Big Bang Theory, Two and a Half Men, Succession, and The White Lotus. Other notable titles include music from Rebel Without a Cause, The Exorcist, A Star is Born, Blade Runner, Shawshank Redemption, The West Wing, ER, Full House, Sex and the City, and Gossip Girl.
Under the partnership, WBD will retain creative and operational control of the music rights, while CEG, following its investment, will jointly manage the JV. DWS Group is co-investing and sponsoring the transaction.
The compositions from the Warner Brothers, HBO, and Turner Networks catalogs will continue to be administered by Universal Music Publishing Group. The Discovery/Scripps Networks catalog will remain under the administration of Sony Music Publishing.
Paul Broucek, President, Music, Warner Bros. Discovery, said: “This partnership with CEG is the perfect way to expand access to our unparalleled music library while honoring our long history of strong creative oversight and protecting the integrity of the works and artists. Together with CEG, we can find new and exciting ways to entertain a new generation of fans.”
Philip Moross, CEO of Cutting Edge Group, said: “This truly is an iconic assembly of catalogs created over almost a century by one of Hollywood’s original studios and to have the opportunity to invest in and manage this JV alongside WBD is an incredibly exciting prospect for us. This special partnership with Warner Bros. is the culmination of many years work on the part of our team at Cutting Edge and is a strong endorsement of our early conviction and specialist expertise in this area of the market.”
Tara Finegan, COO of Cutting Edge Group, added: “Cutting Edge is singularly placed to participate in a transaction of this nature, which is a testament to the strength and skill of our team… We are looking forward to working closely with our friends at Warner Bros. to grow the value that this irreplaceable portfolio already holds, while bringing the magic of these compositions to even more audiences around the world.”
Vlado Spasov, Head of Capital Solutions at DWS Group, said: “We are proud to join forces with Cutting Edge and invest in partnership with Warner Bros in this strategic joint venture. This transaction exemplifies our strategy of delivering flexible and tailored capital solutions that empower asset owners and management teams to execute their vision with speed, certainty and control.”
This joint venture allows WBD to monetize its extensive and valuable music catalog while retaining creative control, and leverage CEG’s expertise in maximizing the potential of music rights. It’s a significant move in the music publishing and entertainment landscape.